Wednesday, May 23, 2012
0755 GMT [Zawya Dow Jones]--NBK Capital raises Emaar to buy rating, from accumulate. Also ups fair value target to AED3.70, from AED3.58 as the Dubai developer's retail and hospitality units are seen outperforming in 2012. "Our original scenario, which called for FY 2011 to represent a peak for Dubai tourism, with a more normalized situation prevailing in the region from FY2 012 onwards, now seems overly pessimistic," NBK Capital says in a note. "Ongoing political unrest in the region will continue to benefit Dubai as a tourist destination," it adds. Shares trade -2.4% at AED2.90. (tahani.karrar@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-05-12 0808GMT
