UBS reaffirms its 'buy' recommendation on Santander, while raising its target price from 5.95 to 6.2 euros, a new target with 36% upside potential for the stock, following the Spanish financial institution's first-quarter publication.

Cumulative EPS increases of around 5% before and after the publication bring us closer to the Group's targets, but the gap is still around 5 to 10% in 2024-25', notes the broker, judging that the valuation discount remains exaggerated.

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