CI Capital Research upgraded El Sewedy Cables to "strong buy" from "buy" Tuesday, a day after the Egyptian cable maker reported a 53 percent jump in quarterly profit.
El Sewedy’s future performance is expected to depend more on its non-wire and cables operations, as copper prices are falling and demand for power generation within the Middle East and North Africa (MENA) region is increasing, the brokerage wrote in a note to its clients.
"This will provide opportunities for El Sewedy’s integrated electricity solutions," the brokerage, which maintained its price target of 92 Egyptian pounds on the stock, added.
On Monday, El Sewedy reported a 53 percent jump in second-quarter net profit after it gained business from rivals weakened by the global economic slowdown.
