Santander deals blow to Nos

 In Banks, News, Telecoms

The multinational bank Santander has dealt a heavy blow to the Portuguese telecoms company Nos by cutting its investment recommendation by 3.5%.

It means that in the opinion of its analysts when advising investors on which shares to buy, it is more pessimistic about its performance for the next 12 months, updating its potential target price per share down by 3.5% which suggests holders should sell their shares.
Nevertheless, the investment bank has upped the indicator by 20 cents from €3.10 per share to €3.30. However, at the time that Santander established the last target price in July 2021, it represented a potential gain of 2.18% which was achieved on the national listing in August.
In addition to changes to the target price, Santander analyst Fernando Cordeiro Barreira has reviewed the telecom company’s recommendation downward from “hold” to “underweight”, which is a grade that essentially means the company’s shares should be sold.
Overall, Nos has six investment banks recommending that its shares should be bought, nine suggesting they should be “held” and two advising Nos shares should be sold, so Nos bosses are unlikely to be worried.
This week, JB Capital Markets set the target price for Nos shares at €4.89 per share with a “buy” recommendation.