International financial institutions place Greek assets high in their investment options, renewing their confidence in the Greek economy.
The positive assessments of foreign financial institutions are based on:
the high growth of the Greek economy for the next two years at least, and much higher than the eurozonethe improvement of fiscal figuresthe investment grade recoverythe return to normalcy
Moreover, the latest foreign reports on Greek bonds are positive. Goldman Sachs advises investors to hold long positions in “good quality” government bonds of countries in the eurozone, such as Greece.
HSBC cited Greece as a separate story of structural growth in emerging markets, maintaining an ‘overweight’ rating both for the country’s economic course and for Greek shares, underlining that the country is one of the preferred investment destinations. Moreover, Greek shares and especially Greek banks are in the spotlight over the next period, at a time when they also have very attractive valuations.
International rating houses describe as particularly strong the results of the Greek banks and they estimate the target prices for the banking shares much higher than the current levels.
According to JP Morgan, Greek banks exceeded estimates while it assigned an overweight rating and high price targets. The target prices for National Bank and Eurobank are at 8.10 euros and 2.60 euros, respectively, and for Alpha Bank at 2.20 euros.
