11:31 AM EDT, 08/05/2026 (MT Newswires) -- AlphaValue/Baader Europe raised its earnings forecasts for Banco Santander (SAN.MC, BNC.L), mainly driven by a reduction in consolidated tax rate to 28% from 30%, consistent with the first-half run rate. "The evolution of the P&L is attributable to the full consolidation of TSB as of the second quarter 2026 (previously equity accounted for the sake of simplicity). It is worth noting that for the sake of simplicity again, we continue to consolidate Webster (from 2027 onwards) as an associate," the research firm said Wednesday. As such, the EPS estimates for 2026 and 2027 were lowered by 5.84% and 7.29%, respectively, to 1.09 euros and 1.20 euros. The Spanish banking group's stock is rated reduce, with a price target of 13.4 euros.

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