Telecom Egypt Raised to `Overweight' at HSBC on Possible Vodafone Purchase

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 20 Egyptian Pounds, 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.

Editors: Chris Peterson

To contact the reporter on this story: Vivian Salama in Abu Dhabi at vsalama@bloomberg.net

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