Tuesday, May 15, 2012
1158 GMT [Zawya Dow Jones]--Bahrain-based Sico says despite a strong operational performance over the past two quarters Arabtec's stock is overpriced at current levels by some 20%. Raises Arabtec target price up to AED2.32 a share from AED1.74, after "taking into account the improving fundamentals and assumption of higher backlog addition". Maintains a negative short-term rating on the stock as Sico believes the recent rally to be more speculative than the fundamentals justify and likely to maintain high volatility on the stock in the near term. Shares close Tuesday +0.3% at AED2.92.
(tahani.karrar@dowjones.com)
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(END) Dow Jones Newswires
15-05-12 1159GMT
