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