Sell rating removed for Santander

Banco Santander (SAN +0.9%) gets a small pop near the open as JPMorgan removes its Sell rating on the stock and lifts one notch to Hold.

Despite the recovery, or at least stabilization in Spain (and Europe overall) this year, Santander has been unable to get out of its own way, slipping 7% YTD and off 3% Y/Y. Spanish competitor BBVA is up 11% YTD and  ahead 24% Y/Y.

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