Goldman Sachs raises Athens Stock Exchange target to 2,900 points

Goldman Sachs has significantly raised its target for the Athens Stock Exchange General Index to 2,900 points, a 16% increase since the start of the conflict in the Middle East. The investment bank maintains an ‘overweight’ recommendation for Greek equities, citing a resilient economy and strong banking sector performance. Specific price targets were issued for major Greek banks: €11.75 for Piraeus Bank, €18.75 for National Bank of Greece, €5.40 for Eurobank, and €5.30 for Alpha Bank.

The Greek market is currently navigating structural changes, including its integration into developed markets through MSCI and Euronext reclassifications. While the market has faced intraday volatility and pressure on refinery stocks due to discussions regarding windfall taxes, the General Index has shown resilience.

In a separate corporate development, shareholders of Euronext Athens Holding have unanimously approved the spin-off of the ‘Market Operator’ division. This unit, which manages regulated markets and derivatives, will be transferred to a new wholly-owned subsidiary, ‘EURONEXT ATHENS MONOPROSOPI A.E.’