Santander: still Oddo's favourite Spanish bank

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Santander shares, nudging up its target price for them from 4 euros to 4.
1 euros, in report on Spanish banks, amongst which Santander and Unicaja Banco are its favourites.

The broker highlights uncertainty regarding the impact of the conflict in Ukraine on the outlook (operational, macroeconomic), which it believes "suggests caution".

As such, it considers that the sound operational dynamics (particularly supported by increasing interest rates) and the balance sheet strength (asset quality, solvency) of Spanish banks in Q1 are positive starting points but need to be qualified.


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