Goldman Sachs is bullish on Greek banks, assessing that their shares
Goldman Sachs is bullish on Greek banks, assessing that their shares will continue to rally, despite a 58% rise since the start of the year.
The American-based multinational investment bank upgraded its target prices for the country’s systemic banks, suggesting a substantial margin of increase ranging between 9% and 23%.
More specifically, Goldman Sachs set a new target price for Alpha Bank at €3.7 from €2.7, for Piraeus Bank at €7.4 from €6, for the National Bank of Greece (NBG) at €13.1 from €10.7, and €3.3 from €2.9 for Eurobank. The bank recommends “buy” for the first three Greek banks and “neutral” for Eurobank.
The recent sharp rally in Greek banking stocks is the result of a combination of Greece-specific factors and a broader reassessment of European banks, according to analysts. Goldman Sachs justifies its report by highlighting recent forecasts and management commentary from Greek banks that support the continuation of strong trends across key financial indicators.
The report underscores a growing investor confidence in Greek banks’ structural improvements and resilience, even in a shifting monetary policy landscape.
Goldman’s updated outlook on the Greek banking sector notes:
– ROTE (Return on Tangible Equity) is projected at around
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