JP Morgan

The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.

JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization.

The US-based multinational finance company, however, stresses that Greek banks remain slightly undervalued compared to the emerging markets and European sectors

JP Morgan points out OTE maintains a solid balance sheet and offers attractive returns for shareholders

JP Morgan's economic forecasts for Greece remain steady, projecting growth of 2.2% for the year alongside inflation at 2.8%.

Demand for Greek assets remains high, as reflected in recent market transactions, with upward macroeconomic prospects, low domestic political risk, and positive catalysts, JP Morgan notes

This interest extended to new domains such as agri-food, technology, and healthcare, in addition to the more traditional sectors.

The PM said “It is obviously much easier now”, adding that there was much greater interest from foreign investors in all sectors to invest in Greece.

It should be recalled that the American investment bank had initially recommended a long position in Greek 10-year bonds in December (18/12).

The bank cautions anyone expecting to acquire positions in Greece at low prices may be disappointed, as strong investment demand is evident, particularly in the demand for Greek assets.

The assessment is part of JP Morgan’s analysis released today regarding potential rating changes in 2024 across the Eurozone

Except for Eurobank, for which it retains the target price at €2.60, JP Morgan has increased its target prices for Alpha Bank to €2.50 from €2.20, National Bank of Greece to €8.40 from €8.10, and Piraeus Bank to €5.00 from €4.65

JP Morgan Cites Robust Macroeconomic & Fiscal Fundamentals, Among Other Factors