UBS reiterates its 'buy' recommendation on ING shares, with a target price raised from €21.5 to €22.5, which now represents 17% upside potential for the Dutch financial institution's share.

The broker said it was making modest changes to its estimates ahead of the group's Q2 results, largely reflecting the effects of mark-to-market valuation.

We believe that net interest income (NII) is at a trough and we see an acceleration towards the end of the year supporting the share price, UBS continues.


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