Source: tovima.com

Bank of America (BofA) ‘Bullish’ on Greek Banks
Bank of America recommends a “buy” on three of the banks, except National Bank, for which it maintains a “neutral” rating.
Bank of America (BofA) has raised its price targets for Greek banks, projecting the strongest upside for Eurobank at 42%.
The new target for Eurobank is set at €4.45, up from €4.36 (42% upside). Alpha Bank’s target rises to €3.89 from €3.59 (12% upside), National Bank of Greece to €12.81 from €12.11 (7% upside), and Piraeus Bank to €7.78 from €6.88 (14% upside).
BofA recommends a “buy” on three of the banks, except National Bank, for which it maintains a “neutral” rating.
Bank of America said Greek banks are approaching a turning point in net interest income (NII), with a favorable growth environment taking shape. After months of pressure, the sharpest declines in NII appear to be over, with the trough expected in the third or fourth quarter of 2025.
Looking ahead, BofA forecasts a steady recovery in NII, driven by 9% loan growth over the next three years, higher European Central Bank rate expectations—projected to reach 1.75% from Q4 onward—faster deposit repricing, and stronger income from other sources.
BofA also expects a further decline in cost of equity (CoE), which would support a re-rating of Greek banks. The sector has already rallied in 2025, with rising earnings per share and improving valuations fueling the gains.
Stronger fundamentals and an improved macroeconomic environment—including Greek bond yields now trading below those of France—are further strengthening the outlook.
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