This is more of an investing alert, rather than a well thought out investment thesis, however...
I am raising my "slash and burn, buy everything in sight up to $12.00" on National Bank of Greece (NYSE: NBG). That means, anything under $12.00 is a buy. NBG recently ran as high as $12.32 - and actually got way ahead of its Athens Stock Exchange parent in terms of valuation. NBG is currently fetching $11.93/share. In the light of earnings season, it's an aggressive, yet obtainable 3-year plan, and with UBS price target of about $15, I would suggest buying everything in sight up to $12.00.
Of course, that is somewhat of an exaggeration based on the Gordon Gekko quote from Wall Street, but the fundamentals of the bank and the world economy remain strong.
NBG was also featured in a recent Forbes article, "The Exchange That Launched 1,000 Ships."
NBG has a lot going for it for the long-term and is positioned as perhaps the best banking play in all of eastern Europe, especially considering its expansion into Turkey and other countries in the region. NBG, long thought of only as a Greek, regional bank is slowly evolving into a European player. They are still several years off from reaching such lofty goals, but they are moving in the right direction.
I still say $14-$15 by the end of 2007. The weakening U.S. Dollar vs the Euro also adds some upside pressure to the NYSE traded ADRs.
NBG 1-yr chart