Banco Santander downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Banco Santander (SAN) to Equal Weight from Overweight with a price target of EUR 11.50, up from EUR 11. The firm believes Santander is “unlikely to get the benefit of the doubt” of a successful integration of Webster Financial (WBS). The $800M cost synergy target “is ambitious,” the analyst tells investors in a research note.