National Bank of Greece (ADR)(NYSE:NBG): Piraeus Upgrades to “Outperform”

912

Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – The stock of National Bank of Greece (ADR) (NYSE:NBG) recently received an upgrade from equity analysts at Piraeus Securities given the improvement in the bank’s risk/return profile. The analysts upgraded the stock to an “outperform” rating from their previously assigned “neutral” rating. Analyst at Piraeus Securities, Natasha Roumantzi recent upgrade follows JP Morgan’s upgrade on the stock where analysts confirmed an “overweight” rating for National Bank of Greece. Previously, analysts at JP Morgan had assigned a “neutral” rating on the stock.

Piraeus Perspective:

National Bank of Greece (ADR) (NYSE:NBG) recently concluded EUR 2.5 billion SCI as EUR 2.20 per share. The analysts at Piraeus Securities mentioned in their investor report that the bank is able to cover the capital requirements for both the Baseline and the Adverse scenarios under Bank of Greece’s stress tests. The analyst pointed out in the report that the bank released its assessment report for the capital needs of the banks in Greece for the period June 2013 to December 2016 where capital needs under a Baseline scenario were estimated at EUR 6.38 billion and at EUR 9.42 billion under an Adverse scenario.

Credit Ratings Upgrade:

Fitch Ratings recently upgraded Greece’s IDR (Issuer Default Ratings) from B- to B for long-term foreign as well as local currency. Fitch regarded stable outlook for Greece given primary surplus in 2013 in the general government account. The agency also raised the Country Ceiling from B+ to BB. Fitch also noted that primary surplus is expected to rise further to 1.4% of GDP in 2014.

Company Brief:

National Bank of Greece (ADR) (NYSE:NBG) provides diversified financial services including retail banking, investment banking, commercial banking, insurance, and securities trading activities. In addition, the company also offers real estate management services like warehousing management and hotel management. On Friday, the stock gained 3.21% and closed at $3.22. The stock is trading near its 52 week low of $2.85, significantly below its 52 week high of $9.20.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.