Morgan Stanley analyst Alvaro Serrano downgraded ING Groep (ING) to Equal Weight from Overweight with a price target of EUR 17.50, down from EUR 19. The firm sees an uncertain backdrop for European financials in 2025. Total payout yields will continue to support valuations, but the increasing likelihood of rates “undershooting” poses downside risk to consensus earnings, the analyst tells investors in a research note. Morgan Stanley favors fee-heavy models, wealth, and the UK.
