Despite the National Bank of Greece losing all gains from 2026 and trading at 12.5 euros, Jefferies continues to rate the stock as 'buy'. They have raised their price target from 15.5 to 17 euros, indicating strong confidence in the bank's financial health. Jefferies estimates that shareholder distributions could reach 3 billion euros over the next three years due to the bank's surplus capital position. This positive outlook highlights Jefferies' belief that the bank can recover and thrive in a competitive market, offering potential returns to investors despite recent fluctuations in stock performance.