After record top-line and profits in 2023, further progress looks challenging because growth in NII slowed down faster than we had expected.In response, we lower our top-line estimates for FY24/25/26 by 6-8%. The impact on profits is bigger as we kept our opex estimates broadly unchanged. We cut our EPS estimates by 18%, 22%, and 23% respectively.We set our new target valuation range at EUR 35-49 (from EUR 46-59).