Beltone raises EFG Hermes PT to EGP 36, recommends 'buy'

Cairo – Mubasher: Beltone Financial said it raised the price target (PT) for EFG Hermes' stock to between EGP 34 and EGP 36, and gave a 'buy' recommendation.

After the floatation of the Egyptian pound on 3 November 2016, EFG's stock was seen as one of the best stocks for 2017, the research firm noted it in its report.

Beltone lifted EFG's PT on the back of expected higher revenues from its investment banking division, added to larger brokerage revenues due to the surge in stock market trading volume since floatation.

EFG's stock has neared Beltone's previous PT of EGP 30 in the first week of January, it said, adding that the investment bank's stock more than quadrupled since February 2016.

EFG's stock ended Thursday in the red, shedding 5.1% to EGP 26.42.

Mubasher Contribution Time: 20-Jan-2017 10:09 (GMT)
Mubasher Last Update Time: 20-Jan-2017 10:10 (GMT)