ING Groep upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Giulia Aurora Miotto upgraded ING Groep (ING) to Overweight from Equal Weight with a price target of EUR 25.40, up from EUR 23.50. ING replaces Commerzbank (CRZBY) as the firm’s top pick in European banks. ING’s 7% deposit growth year-over-year, one of the highest in Europe, and recent cut in offered rates should drive a step-up in net inert income growth from Q4 onwards, the analyst tells investors in a research note.