RBC Capital upgraded Banco Santander (SAN) to Outperform from Sector Perform with a price target of EUR 12.25, up from EUR 8.50, ahead of investor day on February 25. The “next leg” of Santander’s story will be driven by cost cutting, the analyst tells investors in a research note. RBC sees the bank emerging at a valuation premium to peers. Recent acquisitions provide Santander with scale in geographies where the bank currently delivers sub-optimal returns, contends the firm.
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