RBC Adjusts Banco Santander Price Target, Estimates Ahead of Q3 Results; Outperform Rating Kept

08:29 AM EDT, 10/01/2026 (MT Newswires) -- RBC Capital Markets updated its price target and earnings estimates for Banco Santander (SAN.MC, BNC.L) ahead of the Spanish lender's third-quarter results on Oct. 28. "Our FY28E adj PBT decreases by 2%, driven by lower NII (FX & Chile), fees (FX) and higher restructuring charges, which are partially offset by slightly lower costs (FX)," the research firm said Thursday. "Excluding largely negative FX movements since our last model update, our FY28E adj PBT reduction would have been c.1%." Analysts project a constant-currency revenue compound annual growth rate of 5.5% between full-year 2025 and 2028, compared with the company's target of mid-single-digit CAGR, and forecast total shareholder distributions of 34.2 billion euros over 2026 through 2028. RBC trimmed the stock's price target to 13.25 euros from 13.50 euros and retained its outperform rating.