Alpha Bank’s subsidiary Alpha Finance on Monday raised its share price targets for three of Greece’s biggest lenders Eurobank, National Bank and Piraeus Bank, maintaining a ‘buy’ rating on all stocks.
The brokerage also raised its expected 2023 earnings growth for the sector by 20%, saying banks are set to benefit from the high interest rate environment and positive macroeconomic outlook in the country.
Greek bank stocks are up 15% year-to-date, outperforming European bank stocks while the EuroStoxx Bank Index is down 5%, and Alpha Finance expects the outperformance to continue next year. I’m here.
Analysts say some of Greece’s banking assets are undervalued and many are making progress in the disposal of bad loans.
Alpha said it expects banks’ net interest income to rise by 11% next year, as banks’ lending portfolios are unlikely to be significantly negatively impacted by the expected economic slowdown in 2023.
The target price is set at €1.44 for Eurobank, €5 for National and €2.25 for Piraeus. [Reuters]
https://www.ekathimerini.com/economy/1198959/greek-bank-stocks-price-targets-raised/ Greek bank stock price target raised