Banco Santander SA: Why we would buy the stock here

Research evidence excerpt

Banco Santander SA: Why we would buy the stock here

Equity Research

European Banks

9 June 2026

Banco Santander SA

Why we would buy the stock here

Investor debates have become more macro- and execution-

focused, but the overall picture remains balanced: the key

risks look manageable, the 2028 plan remains achievable, SAN.MC/SAN SM OVERWEIGHT

European Banks POSITIVE

and current concerns do not, in our view, justify a materially Price Target EUR 12.90

more cautious stance on the shares. Reiterate OW. Price (08-Jun-26) EUR 10.60

Potential Upside/Downside +21.7%

Source: Bloomberg, Barclays Research

Key investor debates. Our investor discussions focus on the overall rate impact on NII, Brazil,

Mexico, Webster execution, UK political risk and US consumer credit. In this note, we address

the key questions most frequently raised by investors and assess whether recent developments European Banks

materially change Santander’s Group earnings outlook, the achievability of its 2028 targets or Cecilia Romero Reyes

+44 (0)20 7116 7314the investment case.

cecilia.romeroreyes@barclays.com

Barclays, UKRecent debates have become more macro- and execution-focused, but we think the

market is missing the balance of risks and offsets. While some risks have increased at the Paola Sabbione

margin, higher-for-longer rates and other buffers continue to support Santander’s earnings +39 (0)2 6372 2579

outlook, and we see no evidence that recent developments materially alter the Group’s earnings paola.sabbione@barclays.com

BBI, Milantrajectory. Santander still trades broadly in line with the sector despite superior profitability,

stronger earnings growth and significant capital return potential (Figure 2, 3). We remain Jay Yogesh Mistry

Overweight with a PT of €12.9 p.s. +91 (0)22 6175 4204