Telecom Egypt raised to 'Overweight'

Daily News Egypt
1 Min Read

Telecom Egypt, the largest fixed-line telephone company in the Middle East, was raised to “overweight” from “neutral” at HSBC Holdings Plc, citing the recent price decline and possible cost savings that would result from a Vodafone Egypt acquisition.

The price target was maintained at LE 20, the bank said in an e-mailed statement today.

Commercial International Bank Egypt SAE, another Cairo-based bank, was also raised to “overweight” from “neutral,” HSBC said.

 

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