Oddo BHF has reaffirmed its 'outperform' rating on Santander, with a price target raised from 5.4 to 5.5 euros, boosted by a quarterly publication that has raised its net income estimates (+2% on average over the 2024-26 period).

The development of the Group's operating performance remains solid overall, with validation of the main financial targets set for 2024 and for the horizon of the current strategy plan (2025, new message confident of progress)", the analyst judges.

Adding that the Spanish bank 'continues to reassure on its capital trajectory, and ultimately its ability to support the gradual improvement of its shareholder return policy', Oddo BHF continues to identify an 'interesting rerating potential' on the stock.

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