The latest target prices for shares of Greece’s major banks from leading international investment firms indicate a promising outlook for investors, according to analysts.

Despite significant gains in stock prices throughout 2024, Greek bank shares remain considerably below the target prices set by these firms.

Recent evaluations show improved target prices across the board, with few exceptions where they have remained unchanged.

This optimism stems from favourable economic conditions that have led international analysts to revise upwards the outlook for Greek banks and several companies in other sectors.

Eurobank has been singled out for its strong prospects following its acquisition of Hellenic Bank, which has propelled it to the position of the largest bank in Greece by deposits and net loans.

This strategic acquisition has prompted analysts to significantly upgrade their profitability forecasts for the bank.

In a recent report, Bank of America named Eurobank as its top investment pick from Greece for 2025 and one of its leading choices across the Europe, Middle East, and Africa (EMEA) region.

The bank’s target price was set at €3.10, compared to its latest trading price of €2.34, representing an upside potential of approximately 33 per cent.

The average target prices for Greek banks have been conservative, as many firms issued their evaluations several months ago.

However, analysts expect upward revisions in the upcoming review cycle.

Piraeus Bank exhibits similar potential, with target prices averaging 33 per cent higher than its last trading price of €4.19.

National Bank of Greece follows with an average upside potential of 24 per cent, while Alpha Bank also shows a 33 per cent potential increase, thanks to its steady trading price.

Moreover, international firms covering the Greek market overwhelmingly maintain “overweight” ratings for Greece’s three largest banks and recommend “buy” or “hold” positions for Alpha Bank.

In Cyprus, however, coverage is significantly more limited. Still, analysts believe the upside potential is even greater, as the Cypriot economy is projected to outperform that of Greece in the coming years.