ING : Don’t be taken in by the valuation call
>Neutral recommendation maintained – new target price of € 12.4 (vs € 12.8) - We reiterate our Neutral stance on ING despite the valuation call which might seem interesting but in reality reflects a sector1ewide sell-off along with fears stoked by M&A speculation surrounding Commerzbank.The quality of ING’s fundamentals (balance sheet strength, etc.) has never been called into question but so far had not been enough in our view to justify a re-rating due to a lac...ING Groep is a global financial institution based in the Netherlands. Co. is engaged in offering a wide range of retail and wholesale banking services to customers in over 40 countries across Europe, the Americas, Asia and Australia. In addition to the basic banking services of lending, payments and cash management and treasury, Co. provides tailored banking solutions in areas including corporate finance, commercial finance (factoring), equity markets and debt capital markets to help clients achieve their business goals. Co.'s operations are organized along five segments: Retail Netherlands; RetailBelgium: Retail Germany: Retail Other; and Wholesale Banking.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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