Santander maintains its 'outperform' rating and raises its target price on Santander from 4.8 to 5.3 euros, following an increase in its net income estimates (+8% on average over the 2024-26 period) for the Spanish bank.

The research firm considers the evolution of operating performance to be solid overall, and notes that 'the group continues to provide reassurance regarding its capital trajectory, and ultimately its ability to support its policy of return to shareholders'.

We continue to identify attractive rerating potential on the stock as the strategic plan progresses (upside potential of around 40% vs. less than 30% for the sector), based on solid fundamentals", he adds.

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