Complex Made Simple

Nomura expects Mideast telecoms to benefit from data growth

Japanese brokerage Nomura has raised its price targets on Qtel, Saudi Telecom Co (STC), Millicom International Cellular SA and Kuwait's Zain and said investors should be slightly more upbeat on these stocks in the second half of the year, Reuters has reported. "Both the Middle East and African markets should, in our view, be able to create strong value accretion from growth in data," the brokerage said in a note. Nomura also lowered its price targets on Etisalat, Egypt's MobiNil, Zain Saudi Arabia, and maintained Qtel, Etihad Etisalat (Mobily) and MTN as its preferred picks.