Athens, Greece. NBG Securities maintained a positive view on Greek equities in 2026 and raised its target prices by an average of about 13% for the stocks under its coverage. The firm cited scope for further gains, according to reporting by Greek business outlet Newmoney.
Top picks and selection criteria
NBG Securities highlighted Metlen, Motor Oil, Profile and Piraeus as its four top picks. It said its preferred stocks were selected based on strong fundamentals, visible growth, solid balance sheets and attractive valuations.
NBG Securities said Metlen and Motor Oil offer reliable value, combining strong balance sheets with healthy dividend yields. It added that Piraeus provides the highest upside potential among the Greek systemic banks.
Price targets and implied upside
NBG Securities set a target price of €60.5 for Metlen, implying 40% upside. It set €41 for Motor Oil with 25% upside, €10 for Profile with 28% upside, and €9.9 for Piraeus with 20% upside.
Economic backdrop and valuation view
NBG Securities said it expects the Greek economy to remain resilient in the coming years, with GDP growth significantly outperforming the EU average, which it said would support equity prices. It added that dividend yields remain higher than those of peers, while valuations continue to look low, particularly in the banking sector, despite a narrowing of discounts.
Risks and potential catalysts
The firm cautioned that strong recent market outperformance, escalating geopolitical tensions and uncertainty surrounding tariffs and trade have weakened the short-term investment case for European equities, with potential negative spillover to Greece. It also said macroeconomic and political risks are viewed as threats to performance this year across most EU markets, although Greece appears to be faring better on that front.
On potential catalysts, NBG Securities noted that on January 26, 2026, MSCI proposed upgrading the MSCI Greece index to Developed Market status. It also cited FTSE Russell’s announcement in October that Greece would be upgraded to Developed Market status, effective from September 21, 2026.
How do you think potential Developed Market upgrades could affect Greek equities in 2026?