In its major annual report, “2026 Outlook: Moving Past ‘Proof of Concept’,” Goldman Sachs outlines a European banking sector that is leaving behind the phase of proving its resilience and entering a period where growth and efficiency take center stage. In this environment, Greek banks stand out for their rating stability, clarity in target prices, and their strong positioning in the firm’s comparative charts.

Goldman Sachs’ rating table lists the recommendations clearly:

• Alpha Bank – Buy, target price €4.20
• National Bank of Greece – Buy, target price €15.10
• Piraeus Bank – Buy, target price €8.00
• Eurobank – Neutral, target price €3.50

Goldman Sachs’ overall stance reflects its broader European narrative: 2025 was the year that confirmed the sector’s resilience, and 2026 marks a shift in focus—from interest rates to flows, scale, and operational leverage.