Emaar's price target trimmed due to Egypt exposure

Deutsche Bank has cut by 13% Emaar Properties' price target citing uncertainties in Egypt, The National has reported. The price estimate was lowered to Dhs4.50 a share, from Dhs5.20 a share, while the rating was maintained at "buy." "Even if events remain fluid and the impact on the property sector is difficult to gauge at this stage, we believe the Egyptian real estate market is likely to remain uncertain for some time," the bank's analyst, Nabil Ahmed, wrote in a note to clients. "This is a major setback to Emaar's international diversification story given that Egypt is its largest market outside of Dubai and the most visible growth area."