Morgan Stanley | Álvaro Serrano (analyst) reiterates Santander as his Top Pick among Spanish banks in his Q1 2026 earnings preview, where he expects a resilient message on the outlook. With the improved outlook for net interest income and the market now pricing in between two and three ECB rate hikes between now and the end of the year, he updates his estimates to reflect a peak rate of 2.5% this year, whilst keeping his 2% estimate for 2028 unchanged, which offsets provisions that are 5 basis points higher.
