Morgan Stanley Upgrades Banco Santander (SAN) To Overweight, Maintains the PT

Banco Santander, S.A. (NYSE:SAN) is one of the Most Profitable Large Cap Stocks to Invest in Now. On March 23, Morgan Stanley analyst Alvaro Serrano upgraded Banco Santander, S.A. (NYSE:SAN) from Equal Weight to Overweight, while maintaining a price target of EUR 12.10.

​The analyst noted replacing Societe Generale with Banco Santander as its top European Bank pick. The firm said in a research note that they expect a more defensive stance within European banks, and a rating upgrade suggests that the firm believes that it is better positioned to withstand the macro uncertainty. The analyst expects earnings to remain, supported by net interest income tailwinds from higher or sticky interest rates and a higher savings rate.

Separately, on March 27, Banco Santander, S.A. (NYSE:SAN) noted that it expects 2026 net profit to top €14.1 billion from 2025, driven by strong Q1 results. Moreover, the company expects continued customer base and revenue growth, while the costs are expected to drop year-over-year, thereby boosting efficiency by around 2.5%. The bank maintained revenue growth targets of mid-single-digit growth in 2026.

​Banco Santander (NYSE:SAN) is a Spain-based company that operates as a retail and commercial bank. Its segments are scattered across Continental Europe, the United Kingdom, Latin America, and the United States.

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