The Athens Stock Exchange (Euronext Athens) continues its robust upward trajectory. Even after its impressive rally over the past few years, most major international investment banks still see room for further gains in the second half of 2026—provided the current favorable global market environment remains intact and isn’t disrupted by unexpected 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 strong growth prospects of its banking sector. 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 JPMorgan Weigh In
Bank of America notes that the Greek market has moved beyond its era of extremely low valuations. Still, it retains a compelling investment narrative, a higher risk premium compared to other markets, and sustained inflows of international capital.
JPMorgan maintains a positive outlook as well, having upgraded Greek equities to “overweight.” The U.S. bank sees movements in major international indices as a potential next catalyst for the local market. It estimates that the possible inclusion of Greek stocks in the Euro STOXX index could trigger capital inflows approaching $1 billion. Additionally, JPMorgan highlights the prospect of Greece’s reclassification by MSCI from an emerging to a developed market by 2027—a milestone that would mark Greece’s full return to the core of mature capital markets.
Optima Bank: Greek Market Still Undervalued
Optima Bank observes that the Greek stock market continues to underperform relative to most European and U.S. exchanges. For the remainder of the year, it identifies Piraeus Bank, Eurobank, METLEN, PPC (Public Power Corporation), Motor Oil, Titan Cement, and Allwyn as top picks.
Banks Remain a Key Strength
Almost all major international investment banks continue to see significant upside potential for Greek banks. Morgan Stanley notes that despite their strong performance in recent years, Greek banks remain valued below many of their European peers—even as their returns on equity rank among the highest in Europe.
UBS maintains a positive recommendation, citing ongoing credit expansion, solid organic profitability, and strategic initiatives across the sector as key supports for future performance. Deutsche Bank has also raised its price targets for several Greek banking stocks.