Morgan Stanley | The increase in delinquencies in subprime auto loans in the US, as well as the normalisation of second hand car prices, is not being caught by consensus. When this happens, the debate will begin over the weak yield in the region, preventing a rerating of the security. The analyst is lowering EPS 2023 forecasts for Santander by 3% due to the increase in the level of provisions in the US for this risk. And he is 30% below consensus in estimates for the US. He is reiterating EW and lowering the target price from 4.10 euros/share to 3.90/share. We prefer BBVA.
