Appetite for risk increases

Brokerage National P&K Securities increased its price targets on several of Greece’s largest banks, including Alpha and Piraeus, reflecting increased risk appetite among investors. The brokerage upped its price target on Alpha Bank to 9 euros from 6.20 euros and on Piraeus Bank to 8.50 euros from 5.20 euros. The target price for EFG Eurobank was also upped to 7.70 euros from 5.30 euros. National P&K Securities kept its neutral recommendation on all three shares. «The downside risk for the region looks much more limited now given the support from European and global organizations,» it said, referring to talks between the IMF and local governments in Southeastern Europe. «Overall, we believe it is very likely that back in March we saw the bottom for Greek and Cypriot banks.» In the last month, bank shares have risen 38 percent on the Athens bourse versus a 20 percent rise on the benchmark general index.

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