Banco Santander (NYSE: STD) is now a buy after the stock bounced off its 50% fib line.
The recent fall in stock price was attributed to the change in leadership of the Santander UK division, resulting in severe disappointment by market players as the UK IPO might now be priced lower.
Nevertheless, STD continues to show resilience and strong management. I believe that Banco Santander may bounce for a short term bounce. For the long term, Banco Santander (given its high dividend yield) may start to trade at 1.5X TBE. And that’s about $15.60.
A 40% upside from here.
Any further dip will be bought into.
I believe the stock will trade ex-dividend tomorrow. The dividend is 16cents/share.
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