Santander Stock Recommendations and Price Targets

This is a list of recent ratings by Santander.

Date	Company Name	Action	Current Price	Price Target	Rating
10/29/2026	XP XP	Downgrade	$14.00		Neutral
10/26/2026	E ENI	Downgrade	$61.00		Neutral
10/21/2026	AVO Mission Produce	Initiated Coverage	$12.00		Outperform
10/16/2026	TEO Telecom Argentina Stet - France Telecom	Initiated Coverage	$11.00		Outperform
9/25/2026	NXGPF NEXT	Upgrade	$207.00		Outperform
9/22/2026	REPYY Repsol	Downgrade	$34.00		Outperform ➝ Neutral
9/14/2026	AGRO Adecoagro	Initiated Coverage	$10.00		Outperform ➝ Neutral
9/10/2026	ORANY Orange	Upgrade	$16.00		Outperform
9/8/2026	SBGSY Schneider Electric	Downgrade	$53.00		Outperform ➝ Neutral
8/31/2026	AUGO Aura Minerals	Downgrade	$66.00		Outperform ➝ Neutral
8/13/2026	AMX America Movil	Upgrade	$24.00		Neutral ➝ Outperform
7/2/2026	REPYY Repsol	Upgrade	$34.00		Outperform
6/26/2026	PUMSY Puma	Initiated Coverage	$3.00		Neutral
6/23/2026	SAN Banco Santander	Reiterated Rating	$11.00		Buy ➝ Buy
6/22/2026	TIMB TIM	Upgrade	$18.00		Neutral ➝ Outperform
6/11/2026	GCWOF GCC	Upgrade	$9.00		Outperform
6/11/2026	CX Cemex	Upgrade	$11.00		Outperform
6/10/2026	DANOY Danone	Upgrade	$15.00		Outperform
5/12/2026	SAN Banco Santander	Reiterated Rating	$11.00		Outperform ➝ Outperform
5/5/2026	SAN Banco Santander	Reiterated Rating	$11.00		Buy ➝ Buy
5/4/2026	RNMBY Rheinmetall	Upgrade	$231.00		Outperform
4/30/2026	SAN Banco Santander	Reiterated Rating	$11.00		Overweight ➝ Overweight
4/24/2026	SAP SAP	Upgrade	$235.00		Neutral ➝ Outperform
4/21/2026	MT ArcelorMittal	Downgrade	$60.00		Outperform ➝ Neutral
4/20/2026	ARCO Arcos Dorados	Upgrade	$7.00		Outperform
4/20/2026	WMMVY Wal-Mart de Mexico SAB de CV	Downgrade	$27.00		Neutral
3/11/2026	NVO Novo Nordisk A/S	Initiated Coverage	$40.00		Outperform
2/20/2026	ELEZY Endesa	Downgrade	$24.00		Underperform
2/18/2026	BASFY Basf	Downgrade	$15.00		Neutral
2/5/2026	MT ArcelorMittal	Upgrade	$60.00		Neutral ➝ Outperform
2/4/2026	SIEGY Siemens	Upgrade	$148.00		Neutral ➝ Outperform
2/3/2026	SAP SAP	Upgrade	$235.00		Neutral
2/2/2026	NOK Nokia	Upgrade	$9.00		Neutral ➝ Outperform
1/29/2026	STNE StoneCo	Downgrade	$8.00		Outperform ➝ Neutral
1/28/2026	ENIC Enel Chile	Downgrade	$4.00		Neutral
1/22/2026	ASML ASML	Downgrade	$1,566.00		Neutral ➝ Underperform
1/15/2026	ADDYY Adidas	Initiated Coverage	$94.00		Outperform
12/23/2025	COTY Coty	Downgrade	$3.00		Neutral
12/17/2025	CIB Grupo Cibest	Downgrade	$92.00		Underperform
12/15/2025	FBBPF FIBRA Prologis	Upgrade	$5.00		Outperform
12/12/2025	AMX America Movil	Downgrade	$24.00		Outperform ➝ Neutral
12/11/2025	PPC Pilgrim's Pride	Upgrade	$29.00		Neutral ➝ Outperform
12/11/2025	BCCLF Becle	Upgrade	$1.00		Outperform
12/11/2025	GRBMF Grupo Bimbo	Downgrade	$3.00		Neutral
12/11/2025	JBS JBS	Upgrade	$12.00		Neutral ➝ Outperform
12/5/2025	WPLCF Wise	Initiated Coverage	$14.00		Outperform
12/4/2025	NU NU	Upgrade	$12.00		Neutral ➝ Outperform
11/21/2025	AMADY Amadeus IT Group	Upgrade	$63.00		Outperform
11/19/2025	EDDRF eDreams ODIGEO	Downgrade	$5.00		Neutral
11/11/2025	RTMVY Rightmove	Upgrade	$12.00		Outperform
11/5/2025	ACXIF Acciona	Downgrade	$229.00		Neutral
11/3/2025	BP BP	Upgrade	$51.00		Outperform
10/29/2025	MPFRF Mapfre	Downgrade	$5.00		Neutral
10/29/2025	NOK Nokia	Downgrade	$9.00		Neutral
10/28/2025	GLPEY Galp Energia SGPS	Downgrade	$12.00		Outperform ➝ Neutral
10/27/2025	NRDXF Nordex	Downgrade	$42.00		Neutral
10/16/2025	ALPKF ALPEK	Upgrade	$1.00		Outperform
10/16/2025	MXCHY Orbia Advance	Upgrade	$2.00		Outperform
10/16/2025	BAK Braskem	Downgrade	$1.00		Neutral ➝ Underperform
9/29/2025	BNCZF Banco BPM	Initiated Coverage	$18.00		Neutral
9/25/2025	TSN Tyson Foods	Initiated Coverage	$57.00		Neutral
9/3/2025	SBGSY Schneider Electric	Upgrade	$53.00		Outperform
9/3/2025	SIEGY Siemens	Downgrade	$148.00		Neutral
8/29/2025	GPRK Geopark	Initiated Coverage	$11.00		Outperform
8/25/2025	NU NU	Upgrade	$12.00		Neutral
8/14/2025	JBS JBS	Initiated Coverage	$12.00		Neutral
7/11/2025	SHEL Shell	Downgrade	$109.00		Neutral
5/27/2025	AIQUY Air Liquide	Initiated Coverage	$40.00		Neutral
5/21/2025	STNE StoneCo	Upgrade	$8.00		Neutral ➝ Outperform
5/14/2025	TGS Transportadora De Gas Sa Ord B	Upgrade	$24.00		Outperform
5/6/2025	EFGSY Eiffage	Downgrade	$23.00		Neutral
3/5/2025	PPC Pilgrim's Pride	Initiated Coverage	$29.00		Neutral