Grupo Santander Stock Recommendations and Price Targets

This is a list of recent ratings by Grupo Santander.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
12/14/2022	MPFRF Mapfre	Upgrade	$2.00		Neutral ➝ Outperform	Low
12/14/2022	STNE StoneCo	Upgrade	$14.00		Underperform ➝ Neutral	Low
12/8/2022	INTR Inter & Co, Inc.	Downgrade	$7.00	$2.80	Outperform ➝ Neutral	Low
12/8/2022	BBD Banco Bradesco	Downgrade	$2.00		Outperform ➝ Neutral	Low
12/8/2022	IFS Intercorp Financial Services	Downgrade	$23.00	$29.00	Outperform ➝ Neutral	Low
11/28/2022	USNZY Usinas Siderúrgicas de Minas Gerais	Downgrade	$1.00		Outperform ➝ Neutral	Low
11/28/2022	TX Ternium	Downgrade	$36.00	$45.00 ➝ $35.00	Outperform ➝ Neutral	Low
11/28/2022	TS Tenaris	Downgrade	$32.00		Outperform ➝ Neutral	Low
11/28/2022	SCCO Southern Copper	Upgrade	$105.00	$60.00 ➝ $69.00	Neutral ➝ Outperform	Low
11/18/2022	RDEIY Redeia Corporación	Upgrade	€9.00	€18.64	Neutral ➝ Outperform	Low
11/16/2022	SWGAY The Swatch Group	Initiated Coverage	$10.00		Neutral	Low
11/10/2022	DRPRF Dr. Ing. h.c. F. Porsche	Initiated Coverage	$75.00		Outperform	N/A
10/24/2022	SHEL Shell	Downgrade	$72.00		Outperform ➝ Neutral	Low
10/20/2022	PAC Grupo Aeroportuario del Pacífico	Downgrade	$160.00	$136.00	Neutral ➝ Underperform	Low
10/13/2022	YPF YPF Sociedad Anónima	Upgrade	$20.00		Underperform ➝ Outperform	Low
9/26/2022	MONRF Moncler	Initiated Coverage	$62.00		Outperform	Low
9/26/2022	ASML ASML	Upgrade	€888.00	€480.00	Underperform ➝ Neutral	Low
9/20/2022	ACXIF Acciona	Downgrade	$120.00		Outperform ➝ Neutral	Low
8/29/2022	BBD Banco Bradesco	Downgrade	$2.00		Outperform ➝ Neutral	Low
8/25/2022	ELPQF El Puerto de Liverpool	Upgrade	$7.00		Neutral ➝ Outperform	Low
8/24/2022	IFS Intercorp Financial Services	Upgrade	$23.00	$29.00	Neutral ➝ Outperform	Low
7/25/2022	ANNSF Aena S.M.E.	Upgrade	€202.00	€130.00	Underperform ➝ Neutral	Low
6/13/2022	GGAL Grupo Financiero Galicia	Upgrade	$28.00	$21.30	Hold ➝ Outperform	High
6/13/2022	BMA Banco Macro	Upgrade	$52.00		Hold ➝ Outperform	High
6/9/2022	REPYY Repsol	Downgrade	$14.00		Outperform ➝ Neutral	High
5/19/2022	BCH Banco de Chile	Upgrade	$24.00	$25.00	Neutral ➝ Outperform	High
5/5/2022	SAP SAP	Upgrade	€214.00	€104.00	Underperform ➝ Neutral	Medium
4/27/2022	ASBFY Associated British Foods	Downgrade	$33.00		Outperform ➝ Neutral	Medium
4/8/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Upgrade	SEK 7	SEK 106	Underperform ➝ Outperform	Low
3/15/2022	FLUIF Fluidra	Upgrade	$21.00		Neutral ➝ Outperform	Low
3/4/2022	BHHOF boohoo group	Initiated Coverage	$0.00		Underperform	Low
3/4/2022	PPRUY Kering	Initiated Coverage	€31.00	€747.00	Outperform	Medium
3/4/2022	NXGPF NEXT	Upgrade	GBX 113	GBX 7,038	Underperform ➝ Neutral	Low
3/4/2022	LVMUY LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Initiated Coverage	$144.00		Outperform	High
3/2/2022	VLTAF Voltalia	Downgrade	$11.00		Outperform ➝ Neutral	N/A
12/14/2021	UGP Ultrapar Participações	Downgrade	$4.00	$4.60 ➝ $3.00	Buy ➝ Hold	Medium
12/14/2021	BAK Braskem	Downgrade	$6.00	$20.00	Buy ➝ Hold	High
12/2/2021	BDORY BANCO DO BRASIL/S	Upgrade	$5.00		Hold ➝ Buy	Low
12/2/2021	BMA Banco Macro	Upgrade	$52.00	$17.70	Underweight ➝ Hold	Low
11/30/2021	STNE StoneCo	Downgrade	$14.00	$45.00 ➝ $17.00	Hold ➝ Underweight	High
11/26/2021	VTWRF Vantage Towers	Initiated Coverage	€40.00	€34.00	Hold	Low
11/10/2021	IFS Intercorp Financial Services	Downgrade	$23.00	$28.00	Buy ➝ Hold	High
11/4/2021	AFLYY Air France-KLM	Initiated Coverage	€1.00	€4.50	Hold	Low
10/19/2021	USNZY Usinas Siderúrgicas de Minas Gerais	Upgrade	$1.00	$22.50	Hold ➝ Buy	High
10/1/2021	GBOOY Grupo Financiero Banorte	Upgrade	$38.00	$146.00	Hold ➝ Buy	Medium
9/24/2021	AVAL Grupo Aval Acciones y Valores	Downgrade	$2.00		Buy ➝ Hold	Medium
9/24/2021	IFS Intercorp Financial Services	Upgrade	$23.00	$28.00	Hold ➝ Buy	Low
8/25/2021	WMMVY Wal-Mart de México	Initiated Coverage	$33.00	$45.00	Buy	Low
8/19/2021	GBOOY Grupo Financiero Banorte	Downgrade	38.00	146.00	Buy ➝ Hold	Medium
8/2/2021	CIB Bancolombia	Upgrade	$33.00	$34.00	Underweight ➝ Hold	Low