ING Groep (ING) Target Raised to €28 on Earnings and Cost Cuts
ING Groep N.V. (NYSE:ING) ranks among the best undervalued European stocks to buy now. On February 3, Deutsche Bank upgraded ING Groep N.V. (NYSE:ING) to Buy from Hold and boosted its target price to €28 from €25, citing solid results, including net interest income and fee beats, as well as cost reduction. According to analyst Benjamin Goy, ING capitalizes on above-average growth in volume, an extensive replicating portfolio, and fee income rise, which is backed by share increases.
The analyst stated that Deutsche Bank boosted its projections significantly following the results. ING Groep N.V. (NYSE:ING) is trading at 8.7 times EPS, boasts a total yield of 9%, and is valued at 1.35 times tangible book value, according to 2027 projections, delivering a 16% return on tangible equity.
Even with decreased consensus projections, ING Groep N.V. (NYSE:ING) trades at a price premium to European banks, a difference that Deutsche Bank recently said had increased to a six-month high of -8%.
ING Groep N.V. (NYSE:ING) is a Dutch multinational banking and financial services company that operates in five business segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking.
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Disclosure: None. This article is originally published at Insider Monkey.
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