ING cuts Fortis Belgium to "hold".
The downgrade follows the raise of the company's share price by 250% since the beginning of the year.
The share price target was lifted to EUR 3.50 from EUR 2.55.
According to analyst Albert Ploegh, investors expect too much from Fortis.
At 1237 CET on Wednesday Fortis had lost 0.76% to EUR 3.27 in Brussels.
(EUR 1.0 = USD 1.430)