Greece’s economic momentum will be driven by rising investment, resilient consumer activity, a robust labor market that continues to bolster real incomes, and strong tourism flows.

BofA highlights the significant upside potential of METLEN, currently trading at an EV/EBITDA multiple of around 6x.

Bank of America recommends a “buy” on three of the banks, except National Bank, for which it maintains a “neutral” rating.

BofA underlines that the equities of Greek banks were trading at a discount price compared to European banks, making them very “attractive” for investors.

The investment recovery and reform momentum are expected to continue driving Greece’s growth through 2025 and 2026.

Bank of America (BofA) recently increased its target prices for several Greek banks, with the target price for Eurobank raised to €2.84 from €2.76.

However, more recently, Greece appears to be temporarily decoupling from the typical peripheral exposure to this risk factor, BofA notes.

BofA projects growth of 1.1% in 2024 and 1.7% in 2025, compared to forecasts for eurozone growth at 0.4%/1.1%, respectively