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Mobinil upgraded to 'buy'
- Egypt: Tuesday, August 11 - 2009 at 12:05
HC Brokerage has upgraded Egypt's mobile operator Mobinil to 'buy' from 'sell,' Reuters has reported. The brokerage firm has said the firm's new on-net offer would further stimulate usage and improve margins, driving its market penetration rate to higher-than-expected levels. The brokerage has also raised its price target on the stock 33.3% to EGP263.37, citing lower weighted average cost of capital following rate cuts by the Monetary Policy Committee.
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StaffTuesday, August 11 - 2009 at 12:05 UAE local time (GMT+4)
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