Middle East business information

HC Securities has raised its target price for Union National Bank to Dhs4.90 from Dhs4.70, and kept its 'buy' recommendation on its stock, Khaleej Times has reported. The brokerage has also raised its 2009 and 2010 earnings estimates for the Abu Dhabi-based lender, citing its better-than-expected performance in the third quarter, and expectations of lower provisions for losses in 2010.