Goldman Sachs raises target prices for major Greek banks

Goldman Sachs upgraded its price targets for Greece’s four systemic banks after the release of their second‑quarter results. The investment bank now sees upside potential of up to 20% for the sector. New target prices are €5.40 for Eurobank (up from €5.20), €5.30 for Alpha Bank (up from €5.20), €11.75 for Piraeus Bank (up from €11.25) and €18.75 for the National Bank of Greece (up from €18.50). Goldman Sachs keeps a "Buy" recommendation for Eurobank, Alpha Bank and Piraeus Bank and a "Neutral" stance for the National Bank of Greece.

The revisions are driven by stronger‑than‑expected earnings, higher net interest income, robust credit expansion, solid capital ratios and attractive dividend yields. Goldman Sachs also raised its 2026 return on tangible equity (ROTE) outlook to around 17% for the banks.