Banco Santander, S.A. (SAN)’s Stock Is Sell After Forming Ascending Triangle Chart Pattern

December 8, 2017 - By Kurt Siggers

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 4.80M 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 firm has “Conviction Buy” rating given on Tuesday, March 8 by Goldman Sachs. The rating was downgraded by Kepler Cheuvreux to “Hold” on Friday, July 31. The firm has “Buy” rating by Citigroup given on Friday, September 18. Barclays Capital upgraded Banco Santander, S.A. (NYSE:SAN) on Tuesday, September 6 to “Overweight” rating. The rating was upgraded by RBC Capital Markets to “Sector Perform” on Wednesday, October 19. The rating was maintained by JP Morgan with “Buy” on Friday, April 21. BNP Paribas upgraded the stock to “Outperform” rating in Monday, January 11 report. On Wednesday, February 1 the stock rating was upgraded by UBS to “Buy”. JP Morgan downgraded the shares of SAN in report on Wednesday, September 30 to “Neutral” rating. The stock has “Buy” rating by Natixis on Tuesday, October 11.

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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