UPDATE: Ahorro Upgrades Banco Santander-Chile

According to a research report published earlier today, Ahorro Corporacion has upgraded Banco Santander-Chile

from Hold to Buy. Ahorro commented in the report, “Since the end of last July, when we downgraded our Buy recommendation, Santander has lost -15.8% (vs. -12.8% IBEX), hitting a low of €5.15 in the middle of November. In the last eight months, Santander has slightly outperformed the banking sector (SX7E Index, -19%), although since the beginning of the year, Santander appears to have been left out of the sector rally, gaining only +7% vs. the sector's +15.6%. The lifting of the ban on taking short positions in financial stocks, and a clearly worse macroeconomic situation in Spain may be the reasons for this performance gap.” Banco Santander-Chile closed yesterday at $83.85.