Morningstar revised model inputs for ING Group, focusing on fee income growth due to improved near-term guidance. ING’s expansion in digital banking drove fee client growth. Fair value estimates increased to EUR 24 per share and $28 per ADR, with stock gaining 40% year to date. Forecasting 7% fee income growth in 2025, with 5% average growth over five years. Loan-loss provisions expected to double from 2025.

Read more at Morningstar: ING’s Improved Outlook Justifies Fair Value Increase