UPDATE: Bank of America Downgrades Santander to Neutral on Headwinds
Bank of America reduced its rating on Santander (NYSE: SAN) from Buy to Neutral.
Bank of America said, "We are downgrading Santander from Buy to Neutral as we see limited room for a further re-rating of the stock. … We consider Santander a well run bank with a solid business model, but fear macro headwinds in core markets of the bank will put a damper on share price appreciation. Similarly, adverse bank drivers (deleverage, readjustment of the wholesale funding portfolio, and a lower for longer interest rate scenario) are difficult to ignore. In addition, the Spanish “bad” bank could add pressure on Santander to increase provisions on its domestic real estate related exposure."
Santander closed at $7.35 on Friday.
Latest Ratings for SAN
|Oct 2016||RBC Capital||Upgrades||Underperform||Sector Perform|
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