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.


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