Grupo Santander Stock Recommendations and Price Targets

This is a list of recent ratings by Grupo Santander.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
12/14/2022	MPFRF Mapfre	Upgrade	$2.00		Neutral ➝ Outperform	Low
12/14/2022	STNE StoneCo	Upgrade	$15.00		Underperform ➝ Neutral	Low
12/8/2022	BBD Banco Bradesco	Downgrade	$3.00		Outperform ➝ Neutral	Low
12/8/2022	INTR Inter & Co, Inc.	Downgrade	$6.00	$2.80	Outperform ➝ Neutral	Low
12/8/2022	IFS Intercorp Financial Services	Downgrade	$23.00	$29.00	Outperform ➝ Neutral	Low
11/28/2022	USNZY Usinas Siderúrgicas de Minas Gerais	Downgrade	$2.00		Outperform ➝ Neutral	Low
11/28/2022	TS Tenaris	Downgrade	$35.00		Outperform ➝ Neutral	Low
11/28/2022	TX Ternium	Downgrade	$44.00	$45.00 ➝ $35.00	Outperform ➝ Neutral	Low
11/28/2022	SCCO Southern Copper	Upgrade	$125.00	$60.00 ➝ $69.00	Neutral ➝ Outperform	Low
11/18/2022	RDEIY Redeia Corporación	Upgrade	€9.00	€18.64	Neutral ➝ Outperform	Low
11/16/2022	SWGAY The Swatch Group	Initiated Coverage	$11.00		Neutral	Low
11/10/2022	DRPRF Dr. Ing. h.c. F. Porsche	Initiated Coverage	$91.00		Outperform	N/A
10/24/2022	SHEL Shell	Downgrade	$72.00		Outperform ➝ Neutral	Low
10/20/2022	PAC Grupo Aeroportuario del Pacífico	Downgrade	$194.00	$136.00	Neutral ➝ Underperform	Low
10/13/2022	YPF YPF Sociedad Anónima	Upgrade	$23.00		Underperform ➝ Outperform	Low
9/26/2022	MONRF Moncler	Initiated Coverage	$70.00		Outperform	Low
9/26/2022	ASML ASML	Upgrade	€925.00	€480.00	Underperform ➝ Neutral	Low
9/20/2022	ACXIF Acciona	Downgrade	$131.00		Outperform ➝ Neutral	Low
8/29/2022	BBD Banco Bradesco	Downgrade	$3.00		Outperform ➝ Neutral	Low
8/25/2022	ELPQF El Puerto de Liverpool	Upgrade	$8.00		Neutral ➝ Outperform	Low
8/24/2022	IFS Intercorp Financial Services	Upgrade	$23.00	$29.00	Neutral ➝ Outperform	Low
7/25/2022	ANNSF Aena S.M.E.	Upgrade	€195.00	€130.00	Underperform ➝ Neutral	Low
6/13/2022	GGAL Grupo Financiero Galicia	Upgrade	$37.00	$21.30	Hold ➝ Outperform	High
6/13/2022	BMA Banco Macro	Upgrade	$65.00		Hold ➝ Outperform	High
6/9/2022	REPYY Repsol	Downgrade	$16.00		Outperform ➝ Neutral	High
5/19/2022	BCH Banco de Chile	Upgrade	$25.00	$25.00	Neutral ➝ Outperform	High
5/5/2022	SAP SAP	Upgrade	€193.00	€104.00	Underperform ➝ Neutral	Medium
4/27/2022	ASBFY Associated British Foods	Downgrade	$35.00		Outperform ➝ Neutral	Medium
4/8/2022	ERIC Telefonaktiebolaget LM Ericsson (publ)	Upgrade	SEK 6	SEK 106	Underperform ➝ Outperform	Low
3/15/2022	FLUIF Fluidra	Upgrade	$23.00		Neutral ➝ Outperform	Low
3/4/2022	BHHOF boohoo group	Initiated Coverage	$0.00		Underperform	Low
3/4/2022	GLFGF Global Fashion Group	Initiated Coverage	$0.00		Underperform	Low
3/4/2022	PPRUY Kering	Initiated Coverage	€36.00	€747.00	Outperform	Medium
3/4/2022	NXGPF NEXT	Upgrade	GBX 112	GBX 7,038	Underperform ➝ Neutral	Low
3/4/2022	LVMUY LVMH Moët Hennessy - Louis Vuitton, Société Européenne	Initiated Coverage	$170.00		Outperform	High
3/2/2022	VLTAF Voltalia	Downgrade	$8.00		Outperform ➝ Neutral	N/A
12/14/2021	UGP Ultrapar Participações	Downgrade	$5.00	$4.60 ➝ $3.00	Buy ➝ Hold	Medium
12/14/2021	BAK Braskem	Downgrade	$8.00	$20.00	Buy ➝ Hold	High
12/2/2021	BDORY BANCO DO BRASIL/S	Upgrade	$5.00		Hold ➝ Buy	Low
12/2/2021	BMA Banco Macro	Upgrade	$65.00	$17.70	Underweight ➝ Hold	Low
11/30/2021	STNE StoneCo	Downgrade	$15.00	$45.00 ➝ $17.00	Hold ➝ Underweight	High
11/26/2021	VTWRF Vantage Towers	Initiated Coverage	€40.00	€34.00	Hold	Low
11/10/2021	IFS Intercorp Financial Services	Downgrade	$23.00	$28.00	Buy ➝ Hold	High
11/4/2021	AFLYY Air France-KLM	Initiated Coverage	€1.00	€4.50	Hold	Low
10/19/2021	USNZY Usinas Siderúrgicas de Minas Gerais	Upgrade	$2.00	$22.50	Hold ➝ Buy	High
10/1/2021	GBOOY Grupo Financiero Banorte	Upgrade	$53.00	$146.00	Hold ➝ Buy	Medium
9/24/2021	AVAL Grupo Aval Acciones y Valores	Downgrade	$2.00		Buy ➝ Hold	Medium
9/24/2021	IFS Intercorp Financial Services	Upgrade	$23.00	$28.00	Hold ➝ Buy	Low
8/25/2021	WMMVY Wal-Mart de México	Initiated Coverage	$41.00	$45.00	Buy	Low
8/19/2021	GBOOY Grupo Financiero Banorte	Downgrade	53.00	146.00	Buy ➝ Hold	Medium
8/2/2021	CIB Bancolombia	Upgrade	$36.00	$34.00	Underweight ➝ Hold	Low
7/23/2021	TX Ternium	Upgrade	$44.00	$58.00	Hold ➝ Buy	High
7/21/2021	ASOMY ASOS	Upgrade	$5.00		Underweight ➝ Hold	High
6/23/2021	ABEV Ambev	Downgrade	$2.00		Buy ➝ Hold	Low
6/16/2021	IFS Intercorp Financial Services	Downgrade	$23.00		Buy ➝ Hold	Low
6/16/2021	BAP Credicorp	Downgrade	$164.00		Buy ➝ Hold	Low
6/2/2021	FRRVY Ferrovial	Upgrade	$31.00		Hold ➝ Buy	Low
5/27/2021	VTRU Vitru	Initiated Coverage	$10.00		Buy	Medium
5/26/2021	ELEZY Endesa	Upgrade	$10.00		Hold ➝ Buy	Low