Citi remains positive on NBG, ups earnings estimates for Piraeus Bank

Piraeus Bank SA

28/03/2024 11:31

** Citigroup remains a "buyer" on two of Greece's major
lenders, National Bank of Greece  NBGr.AT , the country's
biggest lender by market cap, and Piraeus Bank  BOPr.AT , in
which Greece's bank bailout fund recently sold a 27% stake
    ** Citi upgrades target price on National Bank of Greece to
8.8 euros per share from 7 per share and, although it says
earnings have peaked, expects NBG to start paying attractive
dividends to shareholders
    ** Brokerage upgrades its earnings forecasts for NBG by 20%
for FY2024 and 19% for the next fiscal year, driven by higher
net interest income and lower risk cost after steady earnings
for FY2023
    ** Citi also upgrades target price on Piraeus Bank to 5
euros per share from 4.15 per share and upgrades earnings
estimates to reflect recent solid FY2023 financial performance
    ** "The bank is inexpensively valued," brokerage says,
adding that it sees potential in Piraeus's share from dividend
pays from 2023 profits onward


($1 = 0.9270 euros)

 (Reporting by Antonis Triantafyllou)
 ((antonis.triantafyllou@tr.com))