Citi gives Santander a record price by raising its valuation by 34%.

With all the banking spotlights focused on BBVA and Sabadell, Citi analysts highlight Santander's additional potential. The firm suddenly raises its valuation of the Ibex bank by 34%.

The excitement generated by BBVA's ongoing takeover bid for Sabadell is keeping the rest of the Ibex banks in the background. Citi analysts make it clear that the takeover bid is by no means the only option for achieving additional profits in the sector.

Citigroup puts Santander in the spotlight. The US firm reverses its outlook on the Ibex bank. Suddenly, it goes from being one of the most pessimistic firms about Santander to becoming the most optimistic.

Citi analysts have raised their valuation of Santander by 34%, from €7.20 to €9.65 per share . According to data compiled by LSEG, this is the highest of the 24 current valuations for Santander. Until today, the ceiling was set at €9.50.

Citi's new valuation gives Santander an additional 13% upside potential , a percentage that would add to the 95% rally it had accumulated from January through yesterday's trading close.

Citi's new stock outlook improves on the market consensus . The analysts covering Santander have an average target price of €8.47 per share, 1% below the €8.55 at which its shares started today.

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