(News Bulletin 247) – In a note on Benelux banks, Jefferies reaffirms its ‘buy’ recommendations on ING and KBC, with price targets raised respectively from 16.6 to 16.7 euros and from 80 to 90 euros, and ‘hold’ on ABN Amro, with a target raised from 14.6 to 18 euros.
The broker justifies this preference for the first two by forecasts of profits before provisions higher than the consensus for ING and KBC, but lower for ABN Amro, and by a much stronger stock market rebound for the latter.
‘The Benelux banks have attractive characteristics in common: the three offer high and regular capital returns to shareholders while trading at valuation multiples below their long-term averages’, he nevertheless judges.
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