JPMorgan retained its price target at €9 for Piraeus Bank shares, estimating it remains an attractive option for investors, despite its 87% increase since the start of the year following the bank's Q3 results. In its report, JPMorgan highlights that the Greek bank's shares continue to trade at a "cheap level," below 7xP/E (price-to-earnings ratio) and 1xP/TBV (tangible book value) based on 2027 estimates. The Greek systemic bank's reported €261 million earnings before tax (excluding one-offs) were above expectations, attributed to loan loss provisions and income from affiliates. Net interest income (NII) matched market expectations, showing a 0.5% quarterly decline; fees were 2% lower, costs were 1% better, and loan loss provisions (LLPs) were 6% higher than the consensus estimate (slightly below JPM's own forecast). Other non-core items offset the difference, resulting in pre-tax profit 1% below consensus. The bank's management also...