CAIRO: Morgan Stanley upgraded Telecom Egypt to “overweight from “equal weight on valuation and said tariff rebalancing in the second half of 2008 should help the company stabilize earnings.
The investment bank cut its price target on Egypt’s monopoly fixed-line telephone company to LE 21 from LE 23.
Morgan Stanley also cut its price target on Egyptian Company for Mobile Services (Mobinil) to LE 148 from LE 210, and said it expected the company’s market share to fall to 40 percent by 2017 due to intense competition. It maintained its “equal weight rating on the stock. -Reuters
