Santander: Berenberg cuts target price

(CercleFinance.com) - Berenberg has cut its target price for the Santander share from 3.
60 euros to 3.20 euros, saying that the risk of weak capital is now materialising at the Spanish bank.

Santander is likely to fall well short of its 2020 CET1 target, the German broker said in a note, citing larger-than-expected Basel IV impacts add further pressure.

Berenberg - which has a "sell" rating on the stock - said it actually models an 8 billion euro capital shortfall.

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