Cairo - Mubasher: Prime Research said on Tuesday that it initiated its coverage on Oriental Weavers Company’s stock with a “Buy” recommendation.
Prime set, in a research note, the stock’s fair value at EGP 12.66.
The stock closed today’s trading with a 1.17% fall to EGP 5.92.
The company, which operates in rug manufacturing, has a leading role in international markets, but it suffers from some pressures in the short term, said the research firm.
Prime predicted that the company will benefit from pound depreciation possibilities which will increase its products attractiveness in international markets, as well as oil prices fallwhich will reduce the cost of production.
