Wall Street’s Beloved Stocks: National Bank of Greece (ADR) (NYSE:NBG), Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), Tibco Software Inc. (NASDAQ:TIBX) by Dorris Williams / September 5, 2014
National Bank of Greece (ADR) (NYSE:NBG) climbed higher with the European Central Bank cutting three key interest rates. Margins are improving at the four big Greek banks, helped by net interest margins, and slowing increases in non-paying loan ratios, reports Citi, which boosted book value estimates for the four big Greek banks Thursday. The four largest Greek banks are hoping for an ECB cash infusion, totaling as much as 5.4 billion euros ($7.1 billion), to boost lending to consumers and businesses.
According to media report, National Bank of Greece, the country’s biggest bank is bidding for 1.6 billion euros.
Citi lifted price target on NBG to 3.0 euros vs 2.90 euros following the release of the second quarter earnings performance. It maintains the buy on NBG and Piraeus.
“We adjust our forecasts to reflect 2Q 14 and raise our target prices moderately, reflecting higher book values. NBG is on our CEEMEA Focus List,” Citi says in a report dated September 3.
It also expects NBG to post earnings this year. Citi upgrades its current year earnings estimates to 0.36 euros from 0.10 euros previously.
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