Drake & Scull downgraded by Shuaa
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Drake & Scull downgraded by Shuaa

Drake & Scull downgraded by Shuaa

Drake and Scull International (DSI) has been downgraded to 'hold' by Shuaa Capital, which cut its fair value on the stock by 21%, Reuters has reported. The brokerage said the Dubai contractor's backlog growth and expected future earnings remain overshadowed by rising regional risks. Shuaa, which previously had a 'buy' rating on DSI, cut its fair value on the stock to Dhs0.928 from Dhs1.120. "The worst possible scenario for the company would be the start of material unrest in Saudi Arabia, Drake's single largest market," Shuaa said.

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