UBS reaffirms its 'buy' recommendation on Santander and raises its target price from €5.75 to €5.95, a new target that offers a 35% upside potential for the Spanish financial institution's shares.

We expect a solid first-quarter publication to facilitate the convergence of our estimates and those of the consensus towards Santander's forecasts", says the broker, for whom "the valuation remains excessively discounted".

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