Santander's 2028 Targets in Reach Despite Volatility

Dow Jones10-16

1121 GMT - Banco Santander should still achieve its 2028 targets despite some volatility, UBS' Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. UBS says its view of the Spanish bank is largely unchanged, as the company has one of the best profiles in the sector for earnings per share growth and return on tangible equity uplift. Santander earlier this year set a net profit target for over 20 billion euros in 2028, up from the 14.1 billion euros reported in 2025. Santander should meet its 2028 targets, but UBS notes there is little room for upgrades as the analyst consensus has already factored in those targets. There will also be volatility, UBS notes, given the bank is highly diversified and has ambitious cost reduction plans. Shares are up 0.9%.

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