Financial Services Analysts Weigh In on Bank Earnings and Cryptocurrency

Analysts at RBC Capital Markets have lowered their forecast for Banco Santander's net interest income and fees, citing a decline in Chilean net interest income. This led to a reduction in the bank's target price to 13.25 euros from 13.50 previously, but the analysts still recommend an 'outperform' rating. The Canadian bank also lowered its adjusted pretax profit estimate for Santander by 2% in 2028, driven by lower revenue and higher costs in various divisions.

Meanwhile, Citi has increased its target price for Bitcoin to $113,000 from $82,000 due to renewed investor concerns about debasement fears and regulatory clarity. The analysts noted that the failure of the Clarity Act actually helped crypto regain technical levels. Institutional participation in the ether market remains substantial despite a recent decline in exchange-traded fund inflows.

CaixaBank's shares have weakened due to short-term net interest income uncertainty, but UBS believes this will be temporary. The bank may face a drag on net interest income in the second half of 2026 as liabilities reprice faster than assets. Citi analysts also downplayed the threat of artificial intelligence agents to European bank deposits and pricing.

The UK government budget is expected to provide a distraction for UK banks in the third quarter, but J.P. Morgan notes that the backdrop remains resilient. Lloyds and NatWest are seen with the most upside to consensus expectations. Malaysian banks could face higher global rates as a headwind, while Australian business lending may prove more durable than expected.

Macquarie investors have already paid for its superior franchise and growth optionality, according to UBS analysts. They acknowledge earnings risks but see positively skewed outcomes.