Banco Santander SA

SAN remains in a Stage 2 advance, trading just below its 52-week high and holding a shallow pullback into the rising 20-day EMA. EMAs are stacked bullishly, short-term momentum is balanced, and valuations reflect recent earnings upgrades. Under our Value + EPS strategy, we will buy now on this pullback into dynamic trend support for continuation.

• ↑Record €14.1B annual profit up 12% YoY highlights strong earnings growth
• ↑Webster acquisition to drive €800M in cost synergies by 2028
• ↓Webster integration risks due to overlapping headquarters and cultural misfits