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Goldman Sachs Lowers Target Prices For 8 Greek Banks
Goldman Sachs cuts National Bank of Greece and Hellenic Postbank to sell from neutral while lowering its price target to 11.20 euro from a previous 22.80 euro, amid a broader downgrade in its price targets for Greek banks, Dow Jones Newswires notes.
More specifically, the firm lowers NBG TP to 11.20 euro from a previous 22.80 euro and for Hellenic Postbank to 3.30 euro from 3.80 euro
On the rest bank stocks:
ATEBank: “Sell”, new TP at 1.15 euro from a previous 1.30 euro
Alpha Bank: “Neutral”, new TP at 6 euro from a previous 8.90 euro
Bank of Cyprus: “Neutral”, new TP at 3.80 euro from a previous 4.70 euro
Eurobank: “Neutral,” new TP at 5.70 euro from a previous 10 euro
Marfin Popular Bank: “Neutral”, new TP at 1.80 euro from a previous 2.30 euro
Piraeus Bank: “Sell”, new TP at 5.00 euro from a previous 8.10 euro
"While we believe that, individually, Greek banks tend to be well-run businesses, the problems they face are outside of their operational control: the difficult macro backdrop, coupled with a higher CoE, will make it difficult for the share prices of Greek banks to perform in a European context," the firm notes.
Goldman Sachs cuts National Bank of Greece and Hellenic Postbank to sell from neutral while lowering its price target to 11.20 euro from a previous 22.80 euro, amid a broader downgrade in its price targets for Greek banks, Dow Jones Newswires notes.
More specifically, the firm lowers NBG TP to 11.20 euro from a previous 22.80 euro and for Hellenic Postbank to 3.30 euro from 3.80 euro
On the rest bank stocks:
ATEBank: “Sell”, new TP at 1.15 euro from a previous 1.30 euro
Alpha Bank: “Neutral”, new TP at 6 euro from a previous 8.90 euro
Bank of Cyprus: “Neutral”, new TP at 3.80 euro from a previous 4.70 euro
Eurobank: “Neutral,” new TP at 5.70 euro from a previous 10 euro
Marfin Popular Bank: “Neutral”, new TP at 1.80 euro from a previous 2.30 euro
Piraeus Bank: “Sell”, new TP at 5.00 euro from a previous 8.10 euro
"While we believe that, individually, Greek banks tend to be well-run businesses, the problems they face are outside of their operational control: the difficult macro backdrop, coupled with a higher CoE, will make it difficult for the share prices of Greek banks to perform in a European context," the firm notes.