The Athens Stock Exchange (Euronext Athens) remains on a robust upward trajectory. Even after its impressive rally over recent years, most major international investment banks believe further gains are possible in the second half of 2026—provided the favorable global market environment isn’t disrupted by unforeseen geopolitical or economic developments.
Goldman Sachs Raises Target for General Index
Goldman Sachs’ latest report maintains an exceptionally positive stance on Euronext Athens, ranking it among the most attractive emerging markets. The firm has raised its target for the General Index to 2,600 points—up from 2,500—citing Greece’s supportive macroeconomic backdrop and the banking sector’s strong growth prospects. It also forecasts double-digit earnings-per-share growth for both 2026 and 2027, a key factor underpinning continued upward momentum.
Bank of America and J.P. Morgan Weigh In
Bank of America notes that the Greek market has moved past its era of extremely low valuations. Yet it still offers a compelling investment narrative, a higher risk premium compared with other markets, and sustained inflows of international capital.
J.P. Morgan maintains a bullish view, having upgraded Greek equities to ‘overweight’. The U.S. bank sees developments in major international indices as a potential next catalyst—and estimates that inclusion of Greek stocks in the Euro STOXX index could trigger capital inflows approaching $1 billion. Equally significant is the anticipated reclassification of Greece from an ‘emerging’ to a ‘developed’ market by MSCI by 2027—a milestone signaling Greece’s full return to the core of mature capital markets.
Optima Bank: Valuation Gap Persists
Optima Bank highlights that the Greek market continues to underperform relative to most European and U.S. exchanges. For the remainder of the year, its top stock picks include Piraeus Bank, Eurobank, METLEN Energy, PPC (Public Power Corporation), Motor Oil, Titan Cement, and Allwyn.
Banks Remain the Standout Sector
Nearly all major international investment banks still see substantial upside potential in Greek banks. Morgan Stanley observes that, despite their strong performance in recent years, valuations remain below those of many European peers—while return-on-equity figures rank among the highest in Europe.
UBS maintains a positive recommendation, pointing to continued credit expansion, solid organic profitability, and strategic initiatives across the sector. Deutsche Bank has also raised its price targets for several Greek banking stocks.