Opinions
James Thorne
Banco Santander SA
SAN-N
PAST TOP PICK
May 04, 2017
Stock price when the opinion was issued
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The large Spanish banks are up 40-50% this year due to more tourism spending there, plus the bank's diversification across Latin American. They may leave the UK and its high taxes and laws. But the Spanish banks are 3x riskier than European ones, because the Spanish one's non-performing assets are 3% vs. the 1% average. Take this with a grain of salt. SAN is having a great year, but is coming off previous lows.
One of the larger banks in Europe, with an international footprint. In 6 months, there's been a sea change in sentiment on investing in Europe. Banks will reap the rewards of increased spending when we come out of this tumultuous time.
It's not that the gains aren't valid, but it's come a long way in a very short time. Will probably see a bit of a pullback, a bit rich now.
(Top Pick Feb 27/17, Up 27%) He still likes the company and is adding on every pullback. There is going to be a resolution on zero interest rates and austerity. He really likes European banks as well as US Banks. Canadian banks are way too expensive. You should stand back on UK banks because of BREXIT. Greece will be a big beneficiary of all of this.