Citi maintained its "buy" ratings on all Greek banks and reinstated its coverage of Eurobank, after previous restrictions. The US bank estimates significant upside for Alpha Bank and NBG shares, setting a target price of €2.4 for Alpha Bank and €9.45 for NBG. For Eurobank, Citi reiterates coverage with a target price of €2.3 and for Piraeus Bank at €5.3. 

EARNINGS

Despite forecasts of mild declines in Greek banks' earnings over the next two years, Citi highlights that they remain cheap, both in P/BV and P/E terms. Specifically for 2026, the bank expects a gradual decline in the ROTE for Eurobank, Ethniki and Piraeus, due to pressure on margins from lower interest rates. However, Alpha Bank is expected to post an increase in ROTE, approaching 11% due to improved organic results.

FUTURE EARNINGS 

Citi anticipates that lower euro interest rates will continue to put pressure on net interest income, but rising fees and operating cost containment will continue to increase earnings. With cheap valuations as a motivation, Citi recommends buying all Greek banks, with a preference for Alpha Bank due to the significant discount it maintains against its bonds