Barclays reaffirms its 'overweight' recommendation on ING and raises its target price from 20 to 20.5 euros, in the wake of an increase in its 2024-26 net profit estimates from 1% to 2%, following the Dutch bank's investor day (CMD).

The reaffirmation of the 12.5% CET1 target and the implicit risk-weighted asset targets support its view that 'ING will deliver the highest share buyback yield over the next 18 months (14.5% of market capitalization)'.

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