Naeem upgrades NSGB to Buy, cuts TP to LE 31.8/share

Naeem Holding downgraded, in a recent study, National Societe Generale Bank (NSGB) target price to LE 31.8 per share, after incorporating a higher cost of equity (CoE) to its model following the recent yield increase (100-150bps) in Egyptian Government securities.

Moreover, it upgraded its recommendation to Buy from Accumulate, after the share lost 15.8 % of its value since last valuation.