Nomura Securities Downgrades National Bank of Greece (NBG) to Neutral

Nomura Securities downgraded National Bank of Greece (NYSE: NBG) from Buy to Neutral and cuts its price target from EUR 2.90 to EUR 2.25.

Jaime Hernandez commented, "We are reducing our target prices for Greek banks by an average of 15%, mainly to reflect a lower-than-initially-expected NII. We downgrade NBG to Neutral from Buy to reflect its commitment to reduce its stake in its Turkish subsidiary fully. We also upgrade Piraeus to Neutral from Reduce following the significant clean-up formalised in 3Q14, which we think should enable the bank to reduce its cost of risk. We believe that Greek bank stock prices will continue to reflect the volatility from political risks during the coming months, however, we think the relatively higher capital and NPL coverage leaves Alpha bank better positioned among the Greek banks."

For an analyst ratings summary and ratings history on National Bank of Greece click here. For more ratings news on National Bank of Greece click here.

Shares of National Bank of Greece closed at $2.35 yesterday.

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