UBS has increased its target price for ING shares to €21, indicating a potential upside of 45%. The firm believes that ING's business in Germany is an underestimated driver of growth, with expectations that the country will significantly contribute to the bank's expansion strategy, particularly through offerings aimed at small and medium-sized enterprises (SMEs).
The analyst maintains a buy recommendation, highlighting that Germany could account for a third of ING's growth by 2027.
ING reported a net income of €1,880 million in its latest financial results, which is a decrease from €1,982 million in Q3 2024 and an increase from €1,780 million in the previous quarter.