Piraeus Bank initiated with a Hold at Jefferies

Jefferies analyst Benjie Creelan-Sandford initiated coverage of Piraeus Bank with a Hold rating and EUR 2.50 price target. While Greece may not offer the "idiosyncratic recovery story it is tempting to assume," cyclical tailwinds to net interest income are "still meaningful and offer strong upside near-term," the analyst tells investors in a research note.