Research Disclosures & Disclaimers

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Santander (SAN.MC)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (€)	Price Target (€)	Rating
2022-03-30	3.14	4.40	Buy
2022-07-15	2.41	4.00	Buy
2022-08-02	2.38	3.85	Buy
2022-09-21	2.58	4.10	Buy
2022-10-18	2.62	4.00	Buy
2022-10-27	2.63	4.15	Buy
2023-01-24	3.10	4.20	Buy
2023-02-03	3.50	4.50	Buy
2023-03-01	3.69	4.85	Buy
2023-04-18	3.60	4.95	Buy
2023-04-26	3.29	5.00	Buy
2023-07-17	3.45	5.20	Buy
2023-07-31	3.68	5.30	Buy
2023-10-16	3.58	5.40	Buy
2023-10-25	3.46	5.50	Buy
2024-01-24	3.73	5.20	Buy
2024-02-01	3.74	5.40	Buy
2024-03-19	4.19	5.75	Buy
2024-04-18	4.54	5.95	Buy
2024-05-02	4.57	6.20	Buy
2024-07-16	4.44	6.00	Buy
2024-07-25	4.55	6.20	Buy
2024-10-29	4.49	6.30	Buy
2025-01-21	4.79	6.45	Buy
2025-02-05	5.40	6.65	Buy
2025-03-24	6.50	7.20	Buy
2025-04-16	6.03	7.15	Buy
2025-05-01	6.18	7.25	Buy
2025-06-19	6.80	7.80	Buy

Disclosures

UBS has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.
Within the past 12 months, UBS has received compensation for investment banking services from this company/entity or one of its affiliates.
UBS expects to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-investment banking securities-related services are being, or have been, provided.
This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.
Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.
UBS Securities LLC makes a market in the securities and/or ADRs of this company.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.