Business · Markets · 1 day ago
Santander shares fall from September peak as analysts remain optimistic
Santander shares fell 20% from their September record high before the decline eased early this month.
The bank, led by Ana Botín, has gained less than 6% this year, the weakest performance among Ibex banks apart from Bankinter.
Investors reacted to quarterly results and Brazil's election outcome, as concerns grew about high interest rates and weaker banking conditions in Brazil.
Brazil contributed 14.15% of Santander's net result in the first nine months of 2026, while Spain accounted for 32%.
Goldman Sachs expects revenue to grow 10% in 2026 and raised its 12-month price target to 15 euros, while keeping its buy recommendation.
Barclays also raised its profit forecasts for 2026 to 2028 and lifted its price target to 14 euros.
Both firms see room for improvement, pointing to stronger expected interest income and other sources of growth.
Santander shares fell 20% from their September record high, with the decline slowing at the start of November.
The bank’s shares gained less than 6% during the year, the weakest performance among Ibex banks except Bankinter.
The fall followed the bank’s quarterly results and Brazil’s election, which unexpectedly resulted in a victory for Lula da Silva.
Goldman Sachs and Barclays remain positive, citing prospects for revenue growth and improved earnings.
Goldman Sachs raised its 12-month price target to €15 and reiterated its buy recommendation.
- Who
- Santander and its investors. Analysts at Goldman Sachs and Barclays remain optimistic about the bank.
- What
- Santander shares fell 20% from their September peak. Analysts expect the bank’s prospects to improve.
- When
- The shares closed October lower, and the decline slowed at the start of November 2026.
- Where
- Santander operates across several markets, including Spain and Brazil. The article discusses its shares on the Spanish stock market.
- Why
- The decline followed the quarterly results and Brazil’s election, which produced an unexpected victory for Lula da Silva.
Investors concerned about the outlook
Goldman Sachs and Barclays
Share price and outlook
Investors concerned about the outlook
The shares fell 20% from their September peak, amid concern following the quarterly results and Brazil’s election.
Goldman Sachs and Barclays
Goldman Sachs expects group revenue growth of 10% in 2026 and 9% in 2027; Barclays raised its earnings-per-share forecasts for 2026–2028.
Brazil
Investors concerned about the outlook
Concern about a less favorable operating environment and interest rates staying high has weighed on sentiment.
Goldman Sachs and Barclays
Goldman Sachs says the market reaction is excessive, as Brazil represents less than 15% of group profits; Barclays says Brazil’s cost of risk remains under control.
Santander shares reached a record high.
The shares closed the month lower, down 20% from their September peak.
The share-price correction slowed.
- Share decline
- 20% from the September record high
- Year-to-date gain
- Less than 6%
- Goldman Sachs 12-month price target
- Raised from €14.10 to €15
- Goldman Sachs 2026 revenue growth forecast
- 10%
- Goldman Sachs 2027 revenue growth forecast
- 9%
- Brazil share of Santander profits
- 14.15% in the first nine months of 2026
What people are saying
the reaction is excessive, given that the region represents less than 15% of the group’s profits
We expect net interest income to increase by 11%
Beyond the figures, we consider the results conference constructive
Management was increasingly confident about the outlook for net interest income