Jefferies cuts target to EUR 13.00 for Banco Santander stock

Published on 10/21/2026 at 09:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half underlying profit rose 15.00 percent to EUR 7.30 billion. Banco Santander stock stood at EUR 11.74 on October 21, 2026, before October 28 results.

Analyst caution before results

Jefferies cut its Banco Santander target to EUR 13.00 on October 20, 2026.
Underlying profit reached EUR 7.30 billion in the first half of 2026, up 15.00 percent year on year.
Banco Santander stock was trading at EUR 11.74 at 9:34 a.m. CEST at Lang & Schwarz on October 21, 2026.
Santander will present nine-month results on October 28, 2026.

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Banco Santander (ISIN ES0113900J37) was trading at EUR 11.74 at Lang & Schwarz on October 21, 2026 at 9:34 a.m. CEST, while Jefferies had downgraded the bank to Hold and set a EUR 13.00 target on October 20, 2026. The call arrived before Santander's nine-month results, scheduled for October 28, 2026.

Jefferies turns more cautious

According to Markets Insider on October 20, 2026, Jefferies analyst Miruna Chirea moved Santander from Buy to Hold and set a EUR 13.00 price target. The report gives the downgrade a specific earnings rationale: Jefferies believes forecast annual earnings-per-share growth of 17.00 percent from 2025 to 2028 is already reflected in consensus expectations.

Investing.com reported on October 20, 2026 that Jefferies also cited more cautious assumptions for Brazil and higher restructuring charges. Santander completed its Webster acquisition in late August, adding another operating factor to the results debate.

What does the downgrade change

The target remains above the Lang & Schwarz quotation, but the focus has shifted from broad earnings growth to the quality of that growth. That distinction matters because Santander's investor page shows underlying profit of EUR 7.30 billion and underlying return on tangible equity of 15.60 percent for the first half of 2026, alongside a 42.80 percent efficiency ratio and a 14.00 percent CET1 ratio, all with year-on-year context where stated.

For investors, the October reporting date is the next hard test. Santander's investor-relations page lists the nine-month earnings presentation for October 28, 2026, the last trading day for the interim cash dividend on October 28, 2026, and payment on November 2, 2026. The company also lists the first-half 2026 financial report among its key documents.

Results date sets the next test

The combination of a Hold rating, a EUR 13.00 target and a 15.00 percent first-half profit increase leaves execution at the center of the story. The October results can show whether Brazil and restructuring costs offset the group's underlying profit momentum.

Banco Santander was trading at EUR 11.74 at Lang & Schwarz on October 21, 2026 at 9:34 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Banco Santander stock.