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ING Groep upgraded to Buy from Neutral at Goldman Sachs

ING Groep upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded ING Groep (ING) to Buy from Neutral with a price target of EUR 22.60, up from EUR 19. The firm sees scope for share outperformance, saying ING’s net interest income likely troughed in Q4. Goldman expects lower funding costs to drive higher income and sees ING as a beneficiary of a better growth outlook for Europe, in particular in Germany.

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