UBS has reaffirmed its 'buy' recommendation on ING and raised its target price from 17.4 to 18.3 euros, a new target that leaves a 13% upside potential for the share, ahead of the Dutch bank's investor day (CMD) scheduled for June 17.

On this subject, the broker forecasts an increase in the group's RoE (return on equity) target from 12 to 13%. Concrete measures to increase returns in the wholesale business and in Belgium would be welcomed", he continues.

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