ING: UBS adjusts target price
(CercleFinance.com) - UBS believes that falling interest rates are an obstacle, but the growth strategy is bearing fruit.
The broker confirms its Buy recommendation on the stock, with a target price trimmed to E20.6 (from E20.8). This new TP represents 32% upside potential.
ING performed better than expected, but with net interest income below expectations. However, the growth strategy is showing promising signs, with both retail volumes and commission income surprising, UBS says.
ING posted net income of E1,880m, down from E1,982m in Q3 and up from E1,780m in Q2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The broker confirms its Buy recommendation on the stock, with a target price trimmed to E20.6 (from E20.8). This new TP represents 32% upside potential.
ING performed better than expected, but with net interest income below expectations. However, the growth strategy is showing promising signs, with both retail volumes and commission income surprising, UBS says.
ING posted net income of E1,880m, down from E1,982m in Q3 and up from E1,780m in Q2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.