Bank of America (BofA) ‘Bullish’ on Greek Banks

Bank of America (BofA) has raised its terms targets for Greek banks, projecting the strongest upside for Eurobank astatine 42%.

The caller target for Eurobank is acceptable astatine €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” connected three of the banks, but National Bank, for which it maintains a “neutral” rating.

Bank of America said Greek banks are approaching a turning constituent successful nett involvement income (NII), with a favorable maturation situation taking shape. After months of pressure, the sharpest declines successful NII look to beryllium over, with the trough expected successful the third oregon 4th fourth of 2025.

Looking ahead, BofA forecasts a steady betterment successful NII, driven by 9% indebtedness maturation implicit the adjacent three years, higher European Central Bank complaint expectations—projected to scope 1.75% from Q4 onward—faster deposit repricing, and stronger income from different sources.

BofA besides expects a further diminution successful outgo of equity (CoE), which would support a re-rating of Greek banks. The assemblage has already rallied successful 2025, with rising net per stock and improving valuations fueling the gains.

Stronger fundamentals and an improved macroeconomic environment—including Greek enslaved yields present trading beneath those of France—are further strengthening the outlook.