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Orascom upped at UBS on valuation but concerns over strategy

LONDON (MarketWatch) — UBS upgraded Egypt-based telecoms operator Orascom Telecom to neutral from sell, citing the recent weakness in the share price. The broker, however, told clients it is concerned about Orascom’s likely investment in new wireless licenses in Canada, where it said bidding has considerably exceeded its expectations. UBS said the move raises concerns over the company’s strategic focus. “We believe that the combination of diversification away from core emerging markets, and significant investment in what will be a minority stake, are likely to constrain valuation,” it concluded.
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Original post by Forextvblog

This entry was posted on Sunday, June 29th, 2008 at 11:47 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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