07:59 AM EST, 11/03/2026 (MT Newswires) -- RBC Capital Markets revised its price target and forecasts for Banco Santander (SAN.MC, BNC.L) amid a model update following the Spanish banking group's third-quarter results. The research firm trimmed its price target to 13 euros from 13.25 euros on Tuesday, while retaining its outperform recommendation on the stock. It also made changes to its financial estimates for 2026 through 2028, including lower net interest income assumptions. "Our FY28E adj PBT decreases by 4% driven by lower NII and fees as well as higher loan loss provisions (FY28E COR +3bps increase), which are partially offset by lower operating expenses. On a divisional basis in reported euro, our FY28E adj net income reduction is driven by Brazil (lower NII & fees, higher cost of risk) and Mexico (lower NII, fees and costs), partially offset by Spain (higher fees and slightly lower NII) and US (FX)," analysts said. "Excluding slightly positive FX movements since our last model update, our FY28E adj PBT reduction would have been c.5% with broadly similar underlying drivers." In terms of shareholder returns, RBC expects Santander to distribute 17.6 billion euros in dividends and 16.6 billion euros in share buybacks over the 2026 to 2028 period.

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