Monday, Mar 12, 2012
0937 GMT [Zawya Dow Jones]--Credit Suisse upgrades Egyptian car assembler GB Auto to outperform, from a neutral rating, and raises target price to EGP37.70 from EGP32.20 a share. Reckons the new partnership with Geely to replace Hyundai in its CKD assembling facilities ensures GB Auto will be present in the potentially largest market segment for the first time. In addition, CS notes that GB Auto managed to keep a sound balance sheet during the crisis through cost cutting and working capital management. Other catalysts include further Egyptian market recovery, says CS. Shares trade -1.1% at EGP24.
(brinda.darasha@dowjones.com)
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(END) Dow Jones Newswires
12-03-12 0942GMT
