RBC Adjusts Price Target, Estimates for Santander Post-Q1 Results; Outperform Rating Maintained
Igår, 12:18
06:18 AM EDT, 05/12/2026 (MT Newswires) -- RBC Capital Markets revised its Banco Santander (SAN.MC) model, tweaking its price target and earnings assumptions, to reflect the Spanish lender's first-quarter performance.
"Our FY28E [adjusted profit before tax] increases by 1% driven by lower impairments and higher [net interest income], partially offset by lower fees. On a divisional basis in reported [EUR], our FY28 net income increase is driven by the US (cost of risk), partially offset by Argentina (other income/FX). Excluding FX movements, our FY28 PBT increase would still have been c.1% with similar drivers,"according to a Tuesday note.
The research firm projects a revenue compound annual growth rate for full-year 2025 through 2028 of 5.2% at constant currency, against management's target of a mid-single digit CAGR, and a net interest income estimate of 5%, versus the company's low-to-mid-single digit guidance. In terms of shareholder returns, analysts'expectations remain "largely unchanged"at 33.6 billion euros.
Against this backdrop, RBC raised its price target to 12.75 euros from 12.50 euros, while reiterating its outperform rating.
RBC Adjusts Price Target, Estimates for Santander Post-Q1 Results; Outperform Rating Maintained
Igår, 12:18
06:18 AM EDT, 05/12/2026 (MT Newswires) -- RBC Capital Markets revised its Banco Santander (SAN.MC) model, tweaking its price target and earnings assumptions, to reflect the Spanish lender's first-quarter performance.
"Our FY28E [adjusted profit before tax] increases by 1% driven by lower impairments and higher [net interest income], partially offset by lower fees. On a divisional basis in reported [EUR], our FY28 net income increase is driven by the US (cost of risk), partially offset by Argentina (other income/FX). Excluding FX movements, our FY28 PBT increase would still have been c.1% with similar drivers,"according to a Tuesday note.
The research firm projects a revenue compound annual growth rate for full-year 2025 through 2028 of 5.2% at constant currency, against management's target of a mid-single digit CAGR, and a net interest income estimate of 5%, versus the company's low-to-mid-single digit guidance. In terms of shareholder returns, analysts'expectations remain "largely unchanged"at 33.6 billion euros.
Against this backdrop, RBC raised its price target to 12.75 euros from 12.50 euros, while reiterating its outperform rating.
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