Banco Santander target raised to 12.90 euros by JPMorgan

For investors, the distinction is important. A higher target price can support sentiment, but a neutral recommendation implies JPMorgan still sees limited upside relative to the stock’s current valuation after a strong run. Santander shares have been trading close to the top end of their recent range, with the stock ending at 13.46 euros on Thursday, above JPMorgan’s new target. Technical indicators also suggest the shares have cooled from earlier strength: the stock has slipped back below its 50-day moving average, while the relative strength index has fallen to low-30s from overbought levels earlier in the year.

That combination leaves the market focused less on direction than on execution. Santander’s upcoming numbers need to show that earnings resilience can hold up across regions and that higher rates, loan growth and fee income are still compensating for any pressure on margins or credit quality. If the bank can confirm that, analysts may continue to lift forecasts incrementally. If not, the stock’s recent advance could prove difficult to extend.

The JPMorgan note also fits a broader pattern across European banks: valuation support remains in place, but further upside increasingly depends on whether quarterly results can justify it. For Santander, that makes the next earnings release a test of durability rather than a simple beat-or-miss event.