Oddo BHF confirms its 'outperform' rating on Santander shares, with a target price raised from €6.5 to €7.2, after increasing its 2025-27 earnings estimates (by +5% on average).

The continued solid/reassuring performance in Q1 further validates the good progress of the strategic initiatives and the main financial objectives set out in the current strategic plan, it said.

The broker also factors the reassuring trend in capital/return to shareholders and the expected net positive impact of the sale of 49% of Santander Bank Polska into its target price.

"The potential for a re-rating remains attractive for the stock (with upside potential of 14% compared with around 2% for the sector) based on solid fundamentals," the analyst added about the Spanish bank.


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