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Investing.com -- National Bank of Greece was downgraded to “hold” from “buy,” by Deutsche Bank, even as the lender’s target price was raised to €13.40 from €11.85, on Thursday.
The change came alongside target price increases for other major Greek and Cypriot banks, all of which retained “buy” ratings. Alpha Bank saw its target lifted from €3.35 to €3.85, Bank of Cyprus from €7.35 to €8.70, Piraeus Bank from €6.65 to €7.70, and Eurobank from €3.60 to €3.85.
Deutsche Bank said Greek lenders, including Bank of Cyprus, outperformed expectations in the second quarter of 2025, building on strong trends from the first quarter.
“Major highlights included solid lending followed by fees and improvement in cost of risk guidance,” the brokerage said.
The brokerage added that the sector has seen a significant market re-rating in recent months.