(CercleFinance.com) – Oddo BHF reaffirms its ‘outperformance’ opinion on Santander, with a price target raised by four to 4.1 euros, in a note devoted to Spanish banks, among which Santander and Unicaja Banco are its favourites.
In the summary of its note, the consultancy highlights the uncertainty as to the impacts of the conflict in Ukraine on the outlook (operational, macroeconomic), which according to him ‘suggests caution’.
In this context, he considers that ‘the good operating momentum (maintained in particular by the rise in interest rates) and the balance sheet strength (quality of assets, solvency) of the Spanish banks in the first quarter are positive starting points but to be qualified’.
‘Beyond solid fundamentals, differentiation should continue to be based on valuation’, adds the analyst, for whom ‘this reinforces Santander as a favorite value, helped by the geographic diversification of its business model’.
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