Deutsche Bank raises price targets for Greek banks

Deutsche Bank has significantly raised its price targets for Greek banks, citing strong performance and positive growth prospects that distinguish the sector from its European peers. The bank highlights a combination of resilience, high returns, and potential for further re-rating.

Specific target price increases include Alpha Bank (from €4.8 to €5.1), Bank of Cyprus (from €11.25 to €12.35), Piraeus Bank (from €10.15 to €11.3), Eurobank (from €5 to €5.45), and National Bank of Greece (from €17.1 to €18.55). Deutsche Bank maintains a ‘Buy’ recommendation for all, naming Eurobank as a top pick due to its M&A strategy and earnings profile.

The Greek banking system has transitioned from crisis management to a phase of growth, supported by a low-cost deposit base and improved balance sheets. Key metrics show the sector performing above the Eurozone average, with a net interest margin (NIM) of 2.72% in Q1 2026 compared to 1.54% for major SSM-supervised banks. Additionally, the sector maintains a low cost-to-income ratio of 37.35%, significantly lower than the Eurozone average of 54.62%.