Jefferies has initiated coverage on ING with a Hold rating and set a price objective of EUR27.00. The research house highlighted that ING currently trades at a price-to-earnings multiple of 14.9, a level described by platform analysis as relatively modest when weighed against the bank's near-term earnings growth prospects.
The brokerage's assessment emphasizes mounting competitive pressure from digital-only entrants across several important markets. Jefferies said the threat is most acute in markets that are fragmented or have lagged in digital development, where new players have been able to scale quickly and chip away at ING's previous lead in digital services.
According to Jefferies, the rise of these challengers is starting to affect core revenue drivers at ING. The firm identified pressure points including deposit pricing, rising client acquisition costs, and a slowdown in fee momentum as new entrants attract customers and reshape pricing dynamics.
On capital, Jefferies noted that ING's balance sheet remains solid, but it no longer provides the same strategic advantage it once did. The analyst argued that ING's capital strength is less of a differentiator now, particularly when compared with banks that display clearer and more predictable paths for excess capital generation.
Several factors underpinned Jefferies' decision to issue a Hold rating. The firm pointed to a relatively limited set of catalysts, ING's ongoing exit from Russia, and an imminent management change with the chief financial officer scheduled to step down in April. Jefferies also highlighted that the stock trades roughly in line with peers at 1.5x price-to-tangible-book value, with an estimated 15% return on tangible equity by 2028.
Separate company disclosures show that ING Group NV ADR recently outperformed expectations for the third quarter of 2025. Reported earnings per share were $0.70, above the consensus of $0.65, while revenue came in at $6.88 billion versus an anticipated $6.51 billion. Those results translate to a 7.69% surprise on EPS and a 5.68% beat on revenue.
ING also reiterated its €1.1 billion share buyback program. During the week of January 5-9, 2026, the bank repurchased 1,463,534 shares at an average price of €24.30 per share. Cumulatively, ING has bought back 19,184,772 shares, representing approximately 39.69% of the maximum total value of the program.
These operational and capital actions underscore management's continued focus on shareholder returns even as external competitive and structural challenges shape the firm’s outlook.