Greek Banks Get Upgrade As Big Hedge Funds Pile In

Greek banks, the subject of long interest from the likes of hedge fund managers David Einhorn, Seth Klarman, Prem Watsa and John Paulson, now have “attractive valuations” amid a recovering Greek economy says equity research from Euroxx Securities.

"Grecovery" is real, say analysts

On May 19 the firm upgraded its view on the sector to overweight, citing the “Grecovery and beyond.” Specifically the research report recommended Alpha Bank A.E. (ADR) (OTCMKTS:ALBKY), National Bank of Greece (ADR) (NYSE:NBG) and Piraeus Bank SA (OTCMKTS:BPIRY) due to “increased visibility” into the Mediterranean country’s recovery, the successful recapitalization of the banks from the private sector, as opposed to government bailouts, and “higher earnings visibility”...