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ING Groep N.V.
ING.NISIN: US4568371037SEDOL: 2452643 |
Rating: BUY |
Target Price: 9.10 USD |
Investment Horizon: 6 to 24 months |
1Q 09 News Alert
ING Groep N.V. (ING) has reported another quarterly net loss for 1Q 09, mainly due to weakness in the Insurance division, compounded by higher impairment charges and loan loss provisions. However, we are encouraged by the company’s efforts to trim its balance sheet and cut costs, as well as its growing exposure to high-growth markets in the Asia-Pacific region and Latin America. Therefore, we maintain our 6-12 month BUY rating....
4Q 08 & FY 2008 Update Report
According to its World Economic Outlook Update (April 2009), the IMF expects eurozone GDP to contract by 4.2% in 2009 and 0.4% in 2010, while the US economy is expected to shrink by 2.8% in 2009 and remain flat during 2010. Central and Eastern European GDP is expected to fall by 3.7% in 2009 before recovering by 0.8% in 2010, while the Latin American regional economy is set to contract by 1.5% in 2009 before growing by 1.6% in 2010....
Company News Alert
On 09 April 2009, ING Groep N.V. (ING) updated the market on its strategy for adapting to the financial crisis and economic downturn. However, considering the high degree of volatility in the financial sector, we maintain our HOLD rating for the common stock, even though the target price derived in our last update report does not support a HOLD. We will reassess our common stock rating and target price for ING in our next full update report....
Company News Alert
On 23 March 2009, ING Groep N.V. (ING) announced that it has asked 1,200 of its employees, including those occupying senior positions, to voluntarily return 2008 bonuses. ING has also postponed its variable cash compensation for 2009 for all employees until a new policy is established. Considering the high volatility among stocks in the financial sector, the expectations of further write-downs on the group’s structured credit portfolio…
Company News Alert
The ING Groep N.V. (ING) common stock price increased significantly on 26 February 2009, as investors reacted positively to comments by ING’s CEO-designate that the company is fundamentally undervalued, following a sharp decline in the common stock price over the past week. Investors were also buoyed by positive news flow throughout the European banking sector, including the appointment by UBS of former Credit Suisse CEO Oswald…
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