ECONOMY

Price targets on several top lenders slashed

Investment bank Bank of America Merrill Lynch (BofA Merrill) cut price targets on several leading Greek lenders, news agencies reported yesterday. BofA Merrill cut its price target on National Bank (NBG) to 24 euros from 30 euros, keeping its «buy» rating on the stock. NBG shares rose 2.87 percent to 16.15 euros on the Athens bourse yesterday. The US bank also slashed its price target on EFG Eurobank to 10.1 euros from 12.6 euros previously. Shares in EFG Eurobank ended at 6.60 euros yesterday, up 2.01 percent for the day. The price target for Alpha Bank was also cut, reduced to 9.80 euros from 11.4 euros. Alpha closed at 7.14 euros, up 2.15 percent for the day. In related news yesterday, financial services firm UBS lowered its rating on Eurobank to «neutral» from «buy.»