Banco Santander: The Support You Can’t Lose

Banco Santander: The key support you can't afford to lose

Shares of Banco Santander barely changed on the day this Tuesday, marking a slight gain of 0.02% in mid-morning at 3.14 euros. The price registers a revaluation of 14.5% so far this year with a market capitalization of around €52,000 million. However, if one focuses on the sessions that have lapsed since its first quarter results were published, the picture is less positive.

On 24 April, the day before it published its accounts for the first quarter of the year, shares of the unit headed by Ana Botin closed at 3.477 euros, so that the time elapsed since Decline is 8.6%,

From a technical analysis point of view, Diego Morin, IG Analyst, highlighted that Banco Santander “keeps trading slightly above May lows, without being able to break the resistance of 3.20 euros”. this is for expert “The key not to lose the support of 3.05 euro”,

In fundamental analysis, analysts are confident of a return, with a probability of over 45% over 12 months. According to data compiled by Reuters, analysts on average recommend ‘buy’ shares of Banco Santander and Target price of EUR 4.6 which is 46% upside from current price,

The bank headed by Ana Botín posted a profit of 2,571 million euros, up 1% in current euros compared to the same period in 2022, supported by strong growth in commercial activity, good asset quality and control over costs. The full annual impact of the temporary levy in Spain was recorded in the first quarter (224 million euros). Excluding this impact, imputed profit would have been 2,795 million euros, 8% higher (10% in current euros).

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