Deutsche Bank downgraded ING Groep to Hold from Buy with a price target of EUR 17, down from EUR 18.50. ING has been one of the prime capital return stories in the sector but will likely reach the peak for capital return and share buybacks in 2024, the analyst tells investors in a research note. The firm says falling revenue next year alongside likely still elevated cost inflation could see a “meaningful efficiency deterioration” in 2025 for ING.
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