UBS analyst Eric Wasserstrom downgraded Santander Consumer to Neutral from Buy with a price target of $26, down from $32. The analyst notes that after the company posted an increase in its provision for loan losses with its Q3 results last week, he no longer sees "significant upside" to consensus estimates for its earnings over the near to medium term, adding that his 2020 EPS forecast is now 5% below consensus. Wasserstrom adds that at 9-times his expected FY21 earnings, the valuation on Santander Consumer is now about 1 standard deviation above the stock's post-Crisis average, while its price to tangible book value multiple of 1.3-times is at the long-term median.