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Article: News in brief.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- January 16, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Morgan Stanley revises targets on EMEA telecom stocks
Morgan Stanley revised its price targets on several telecom stocks in the Europe, Middle East and Africa (EMEA) region, while maintaining its "overweight" position on the sector.
"We view telecoms as defensive," Morgan Stanley said in a note to clients, adding that stocks in the sector had strong funding position in 2009.
The brokerage said companies in the EMEA telecoms sector offered resilient cash flow through a cut in capex and strong balance sheets with low refinancing risk.
It upgraded Turkcell to "overweight" from "equal weight" saying the company had a strong balance sheet ...