Autonomous: New Upgrades for Greek Banks Up to +27%

Autonomous Research is initiating a new round of upgrades for Greek banks, placing the sector at the center of its European banking strategy for 2026. According to the European Banks Roadmap 2026, despite the strong rally of 2025, Greek banks continue to trade at a significant discount compared to their European peers.

Valuations are around 7 times look-through P/E 2027E. Combined with the stabilization of the interest rate environment and increased capital returns, the firm believes there is still room for further re-rating.

Autonomous is increasing target prices for all four systemic banks, confirming that Greece remains one of the most attractive markets on the European banking map, both in terms of valuation and profitability prospects.

The key message from Autonomous is that Greek banks are no longer just a 'recovery story,' but a case of sustainable profitability with attractive valuations.