1305 GMT - ING Groep faces rising competition in some key markets as new entrants scale quickly, putting pressure on deposit pricing, Jefferies' Theo Massing and Joseph Dickerson write. The Dutch bank's valuation appears suitable ahead of its third-quarter results, the analysts add. Jefferies continues to forecast "robust" loan growth in markets with an attractive mortgage backdrop, such as the Netherlands, Germany and Italy. Visibility for 2027 and 2028 is limited due to forward-rate volatility and deposit competition, the analysts note, but Jefferies doesn't expect a surprise from the 2027-2028 net interest income numbers. For the third quarter, Jefferies expects ING's net result to be broadly in line with the analyst consensus. Shares are down 2.1%.