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Jefferies downgrades Santander and Credit Suisse scissors Bankia


Banks are among the titles that fall most on Monday within the Ibex. Santander yields about 1% on a day when Jefferies has cut its target price to 3.30 euros from the previous 3.60 euros (reiterates 'sell'). This cut in valuation by the firm is the second in less than three months and implies a fall potential of 9% for the Cantabrian bank. Bankia, on the other hand, fell more than 1% after the Credit Suisse reduction up to 1.74 euros from 1.90 euros. The new price is 3% below the current price price.

In addition to the Bankia cut, Credit Suisse reiterates CaixaBank as its favorite bet in Spain (3 euros, 'overweight'); keeps Sabadell unchanged (0.96 euros, 'neutral') and Unicaja improves up to 0.9 euros from 0.81 euros ('neutral').

These adjustments in the valuations of financial institutions occur one week after they present their results. Bankinter does the same this Thursday, but it will not be until next week when the accounts of Bankia (on Tuesday, January 28); Santander (Tuesday, January 29); Sabadell (Thursday, January 30) and BBVA and CaixaBank (Friday, January 31).

Credit Suisse also takes advantage of the report, to Cut your adjusted profit estimates for 2020-2021 by 5% to 7% to the extent that it adopts a more conservative position on the growth of loans and reformulates its estimates of provisions.


Credit Suisse also informs Monday that it has made an adjustment in the estimates for 2019 for BBVA of -27% to incorporate the deterioration of the US goodwill of 1,320 million euros announced on December 19. "However, we make adjustments very marginal in our estimates for 2020 and 2021, keeping the target price unchanged at 4.2 euros and the recommendation to 'underweight'. "

"For the fourth quarter we expect the bank to register a net profit of 1,000 million, for underlying benefits of 4,200 million in the year", added from Credit Agricole.

As for Santander, they also make an adjustment in their estimates of 2021, although lower (0% -1%), while leaving their target price of 4.50 euros unchanged and their recommendation to 'overweight'.

"For the fourth quarter we expect the Cantabrian bank to record a profit of 2,500 million, positively impacted by the profit of 700 million Cacei, with which the net profit would be 1,780 million", they explain from Credit.

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