Banco Santander, S.A. (SAN) on Focus After Forming Ascending Triangle Pattern

December 8, 2017 - By Nellie Frank

The stock of Banco Santander, S.A. (SAN) formed an ascending triangle with $6.09 target or 6.00 % below today’s $6.48 share price. The 6 months triangle pattern indicates high risk for the $105.50B company. If the $6.09 price target is reached, the company will be worth $6.33B less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock increased 0.78% or $0.05 during the last trading session, reaching $6.48. About 4.80 million shares traded. Banco Santander, S.A. (NYSE:SAN) has risen 44.48% since December 8, 2016 and is uptrending. It has outperformed by 27.78% the S&P500.

Banco Santander, S.A. (NYSE:SAN) Ratings Coverage

Among 11 analysts covering Banco Santander (NYSE:SAN), 6 have Buy rating, 1 Sell and 4 Hold. Therefore 55% are positive. Banco Santander had 18 analyst reports since July 31, 2015 according to SRatingsIntel. The stock has “Reduce” rating by HSBC on Friday, August 14. On Tuesday, March 8 the stock rating was upgraded by Goldman Sachs to “Conviction Buy”. Citigroup upgraded the stock to “Buy” rating in Friday, September 18 report. The stock has “Hold” rating by Kepler Cheuvreux on Friday, July 31. The firm has “Buy” rating by Natixis given on Tuesday, October 11. Wood upgraded the stock to “Market Perform” rating in Friday, April 28 report. The rating was upgraded by Barclays Capital to “Overweight” on Tuesday, September 6. The stock of Banco Santander, S.A. (NYSE:SAN) has “Neutral” rating given on Wednesday, September 30 by JP Morgan. The stock has “Sector Perform” rating by RBC Capital Markets on Wednesday, October 19. The stock of Banco Santander, S.A. (NYSE:SAN) has “Overweight” rating given on Monday, April 25 by JP Morgan.

More news for Banco Santander, S.A. (NYSE:SAN) were recently published by: Quotes.Wsj.com, which released: “Banco Santander SA ADR” on February 11, 2011. Investorplace.com‘s article titled: “7 Ways to Get Rich Internationally in 2018” and published on December 01, 2017 is yet another important article.

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