Bank of America revised upward the price targets for all Greek banks, reaffirming the sector’s attractiveness. Its clear top pick is Eurobank, while National Bank of Greece remains at a neutral rating.

• Eurobank: New price target of €4.45 (from €4.36), with a Buy recommendation. Based on the current share price of €3.14, the upside potential is 42% — the highest among the four banks. BofA expects Eurobank to continue to stand out thanks to its diversified presence and strong profitability.
• National Bank of Greece (NBG): Maintains a Neutral rating, with a new price target of €12.81 (from €12.11), implying only a 7% upside from the current €11.96. Despite its strong capital position, BofA believes much of the positive outlook is already priced in.
• Alpha Bank: Continues with a Buy recommendation, with a target of €3.89 (from €3.59). At the current €3.49, the stock has 12% upside. BofA foresees positive momentum in net interest income and potential synergies from partnerships that could add further value.
• Piraeus Bank: Also remains a Buy, with a revised price target of €7.78 (from €6.88). With the current price at €6.83, the upside is 14%. While BofA acknowledges strong revenue dynamics, it notes that the bank’s capital base remains more vulnerable compared to peers.

Sector outlook:
BofA projects that Greek banks will post a strong recovery in net interest income from late 2025 onward, with average loan growth close to 9% over the next three years. Return on equity is expected to converge with the European average by 2027, while dividend yields are forecast to range between 6% and 9%.