ING: Jefferies adjusts target price

(CercleFinance.com) - In a report on Benelux banks, Jefferies maintains its "buy" rating on ING and KBC shares, having increased their target prices from 16.
6 euros to 16.7 euros and from 80 euros to 90 euros respectively. Meanwhile, it maintains its "hold" rating on ABN Amro shares, with a target price raised from 14.6 euros to 18 euros.

The broker justifies this preference for the first two by the fact that ING and KBC have higher than consensus profit forecasts before provisions, although these are lower for ABN Amro, while the latter has seen a much stronger stockmarket recovery of late.

"Benelux banks present common attractive features: the three of them offer high & regular capital returns to shareholders while trading at valuation multiples below their long-term average," it says.


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