Morgan Stanley analyst Alvaro Serrano upgraded Banco Santander (SAN) to Overweight from Equal Weight with a EUR 12.10 price target. The firm recommends taking a more defensive stance on the European banks. Santander’s earnings should be resilient, supported by rates and a higher saving rate, while its private credit risk is manageable, the analyst tells investors in a research note. Morgan Stanley replaced Societe General (SCGLY) with Banco Santander as its European bank top pick.
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