Cairo - Mubasher: Prime Research has upgraded the fair value (FV) of EFG Hermes' stock from EGP 24.166 to EGP 31.42, with a "Buy" recommendation, according to a recent report.
Raising the FV comes as a result of the recent positive performance of the financial services sector, with more positive expectations for 2017.
Prime expects EFG Hermes to benefit from the recent economic reforms, which could be reflected in the financial results of the fourth quarter of 2016.
The research firm also expects Hermes to dominate a huge share in the anticipated IPOs for some of the Egyptian public sector companies.
As for the risks, the report noted that a fall in oil prices would have a negative impact on the performance of the Arab market; thus, affecting the stock of EFG Hermes.
