Banco Santander
Banco Santander is a Spanish multinational bank; its Santander Corporate & Investment Banking division publishes equity research focused on European and Latin American companies and, through its US broker-dealer, offers US research via alliances with independent firms.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 3412M
- Actions
- 5212M
- Ratings / Price targets
- 28 / 24
- Upgrades / Downgrades
- 7 / 9
- Initiations
- 3
- Buy-rated
- 39%of 18 rated
- Median upside
- +18.1%
- Targets raised / lowered
- 6 / 3
- On record
- Nov 2012 – Sep 2026
Overview
Santander CIB's equity research has more than 70 analysts in eight countries covering over 400 companies as of 2026, supported by locally based economists and strategists; the team shared sixth place in Extel's 2025 Latin America research ranking. Its US broker-dealer has research alliances with Telsey Advisory Group, Vertical Research Partners, Nephron Research and MoffettNathanson, the latter two signed in 2025. Its analysts, sales staff and traders work with a corporate-access team on conferences, non-deal roadshows, one-on-one meetings and site visits.
Banco Santander was chartered by royal decree in 1857 to finance trade between the port of Santander and Latin America. It bought Banesto in 1994, merged with Banco Central Hispano in 1999 and resumed the Banco Santander name in 2007, expanding through acquisitions across Latin America, the UK (Abbey National, 2004) and the US. In 2026 it completed the purchases of the UK's TSB and US lender Webster Financial.
Milestones
- 1857
Chartered by royal decree in Santander, Spain
- 1994
Acquired Banesto
- 1999
Merged with Banco Central Hispano to form BSCH
- 2004
Acquired UK lender Abbey National
- 2007
Legally renamed Banco Santander, S.A.
- 2026
Completed acquisitions of TSB and Webster Financial
Firm facts
- Legal name
- Banco Santander, S.A.
- Type
- Full-service
- Founded
- 1857
- Headquarters
- Santander, Spain
- Listing
- NYSE: SAN
- Chief Executive Officer
- Héctor Grisi
- Rating scale
- OutperformNeutralUnderperformYear-end target (current year if set January–June, next year if set July–December)
- Also filed as
- Santander
- Website
- santandercib.com
Research philosophy
To provide clients with company and industry insights to support their decision-making process, through a meticulous analysis of the market.
Santander CIB says its analysts' presence in local markets gives it in-depth knowledge of companies and regional economies. Its strategists pair economic analysis with investable trade ideas in rates and FX, and build equity-derivatives strategies from in-house macro, fundamental and technical analysis.
Rating methodology
Ratings are Outperform, Neutral and Underperform versus a total-return benchmark. Price targets are set for year-end: the current year when set in January–June, and the following year when set in July–December.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Banco Santander, S.A.SAN | Buy | — |
 América Móvil, S.A.B. de C.V.AMX | Outperform | $27 |
 Banco Santander (Brasil) S.A.BSBR | Hold | $6 |
 Adecoagro S.A.AGRO | Neutral | $14.80 |
 Aura MineralsAUGO | Neutral | $114.70 |
 Banco Macro S.A.BMA | Buy | $91 |
 Kanzhun LimitedBZ | Hold | — |
 Fomento Económico Mexicano, S.A.B. de C.V.FMX | Neutral | $130 |
 GeoPark LimitedGPRK | — | $9 |
 Nu Holdings Ltd.NU | — | $22 |
Most active analysts
- Guilherme Palhares2 notesJBSPPC
- Rodrigo Reis1 notesUGP
- Pedro Leduc1 notesBBAR
- Andres Soto1 notesCIB
- Vincente Neto1 notesGPRK
- Mariano Szachtman1 notesCOTY
Recent actions
| Date | Stock | Rating action | Rating | Target |
|---|---|---|---|---|
| Sep 22 | REREPYY | Downgrade | Outperform →Neutral | |
| Sep 22 |  Equinor ASAEQNR | Downgrade | Outperform →Neutral | |
| Sep 18 | Banco Santander, S.A.SAN | Reiterate | Buy | |
| Sep 16 | VCVCISF | Upgrade | Neutral | |
| Sep 15 | GNGenworth Financial, Inc.GNW | Reiterate | Outperform | |
| Sep 15 | Banco Santander (Brasil) S.A.BSBR | Downgrade | Neutral →Hold | |
| Sep 15 | Kanzhun LimitedBZ | Downgrade | Neutral →Hold | |
| Sep 14 | Adecoagro S.A.AGRO | Initiate | Neutral | $13 →$14.80 |
| Sep 11 | TMTeamshares Inc.TMS | Initiate | Outperform | $10.90 |
| Sep 10 | ORORANY | Upgrade | Outperform |