on Friday May 3, 2024
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(ABM FN-Dow Jones) Berenberg increased the price target for ING on Friday from 17.50 to 18.50 euros while maintaining the buy recommendation. This emerged from a report from the bank.
According to Berenberg analysts, the bank communicated much more clearly about the latest developments when publishing the first quarter figures. ING managed to reassure investors about the resilience of net interest income in the medium term, the analysts assessed. Moreover, fee income showed a strong recovery.
Berenberg hopes to see a clear path to further improvement in profitability at the investor day on June 17. This could send the stock higher. Berenberg called the current valuation of the stock currently low.
Berenberg increased the earnings per share estimates by one to two percent and thus achieved a higher price target.
ING shares closed 6.4 percent higher at 15.81 euros on Thursday.
Source: ABM Financial News
ABM Financial News is a supplier of stock market news, video and data, both for real-time trading platforms and dealing rooms and for online and offline media publications. The information in this article is not intended as professional investment advice or as a recommendation to make certain investments.
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Years ago, when interest rates were still at zero and there was a lot of criticism about this, I wondered why people did not buy ING shares. At that time it was already a cheap share with a high dividend. Why then everything in the ING savings account? I have now made a huge return and now suddenly there are purchase recommendations. Maybe it’s time for me to cash in some winnings. Well, Mister Mok. The recommendations come from prophets who know so well. Those prophets of today were still wearing shorts back then. Consider yourself lucky. You are not alone.
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