Is Major Move Coming For Banco Santander, S.A. (ADR) (SAN) After This Bearish Ascending Triangle Pattern?

November 21, 2017 - By Adrian Mccoy

The stock of Banco Santander, S.A. (ADR) (SAN) formed an ascending triangle with $5.85 target or 9.00 % below today’s $6.43 share price. The 5 months triangle pattern indicates high risk for the $104.16 billion company. If the $5.85 price target is reached, the company will be worth $9.37 billion 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.

About 754,594 shares traded. Banco Santander, S.A. (ADR) (NYSE:SAN) has risen 44.48% since November 21, 2016 and is uptrending. It has outperformed by 27.78% the S&P500.

Banco Santander, S.A. (ADR) (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 17 analyst reports since July 31, 2015 according to SRatingsIntel. The firm has “Outperform” rating given on Monday, January 11 by BNP Paribas. On Wednesday, October 19 the stock rating was upgraded by RBC Capital Markets to “Sector Perform”. As per Tuesday, September 6, the company rating was upgraded by Barclays Capital. The stock of Banco Santander, S.A. (ADR) (NYSE:SAN) earned “Buy” rating by Natixis on Tuesday, October 11. The firm has “Buy” rating by JP Morgan given on Friday, April 21. On Friday, August 28 the stock rating was upgraded by Deutsche Bank to “Hold”. The firm has “Buy” rating by Citigroup given on Friday, September 18. The stock of Banco Santander, S.A. (ADR) (NYSE:SAN) earned “Neutral” rating by JP Morgan on Wednesday, September 30. The rating was upgraded by HSBC to “Reduce” on Friday, August 14. The rating was upgraded by UBS on Wednesday, February 1 to “Buy”.

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