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Piraeus Bank downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Piraeus Bank (BPIRY) to Equal Weight from Overweight with a price target of EUR 4.96, down from EUR 5.39. The firm says that with faster and steeper rate cuts, it turns more selective on Central and Eastern Europe and Greek banks, favoring relative earnings momentum, and relatively lower valuation multiples.

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