Aldar Properties' price target cut by HC Research

Share-price target and profit estimates on Abu Dhabi developer Aldar Properties have been reduced by HC Research to reflect renewed weakness in the UAE's property market, Reuters has reported. HC, which kept its 'buy' rating on the stock, cut its price target to Dhs6 from Dhs6.2. 'While we did not previously assume any meaningful property launches in 2010, we had forecast significant plot sales (Dhs1.2bn), which we now partially push back one year,' HC said.