Daily News Egypt

EFG downgrades Arabia Cotton Ginning - Daily News Egypt

Advertising Area



Advertising Area

EFG downgrades Arabia Cotton Ginning

CAIRO: Investment bank EFG-Hermes cut its long-term recommendation for Arabia Cotton Ginning to accumulate from buy on Wednesday, saying a share price rally had left the stock overvalued. EFG said it had also reduced its short-term recommendation to neutral from buy . It said its estimated fair value for the stock, often one of the …


CAIRO: Investment bank EFG-Hermes cut its long-term recommendation for Arabia Cotton Ginning to accumulate from buy on Wednesday, saying a share price rally had left the stock overvalued. EFG said it had also reduced its short-term recommendation to neutral from buy . It said its estimated fair value for the stock, often one of the most heavily traded shares, was LE 12.70 ($2.21), below Tuesday s close of LE 13.83. EFG said Arabia Cotton Ginning s share price had rallied 66 percent on buying interest from Arab and Egyptian retail investors since it initiated coverage on July 1, significantly outperforming the benchmark Hermes index. The index rose 22 percent in the same period. Reuters

Topics: FJP

Advertising Area

https://dailyfeed.dailynewsegypt.com/2006/08/10/efg-downgrades-arabia-cotton-ginning/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe