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Zain lowered to 'neutral' by JP Morgan
- Kuwait: Tuesday, March 04 - 2008 at 14:33
Zain, the Kuwaiti telecom operator formerly known as Mobile Telecommunications Co., has been downgraded to 'neutral' from 'overweight' by JPMorgan Chase & Co., reported Bloomberg. The report said the operator is facing increasing competition in existing markets, including Kuwait and Nigeria. It also said Zain is trading at a premium of 30% to the brokerage's Africa/Middle East peer group, which the report views as 'steep'. The brokerage raised its 12-month share-price estimate to 4.61 dinars ($16.94) from 4.49 dinars.
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Jeff Florian, Senior ReporterTuesday, March 04 - 2008 at 14:33 UAE local time (GMT+4)
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