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Nomura Int’l Raises Emaar Target Price
DUBAI - Emaar Properties advanced on Monday after Nomura International Plc. raised its price estimates for the shares of the Middle East region’s biggest property company and kept its ‘buy’ rating.
Emaar shares ended 2.8 per cent higher at Dh2.57.
Nomura upgraded its price target for Emaar by 4.6 per cent to Dh2.94.
Nomura said despite the equity hit in Emaar, the company’s operating characteristics, cash-on-cash and intrinsic valuation remain the same. It said Emaar’s 2008 and first-quarter results should come as no surprise considering the downturn in the UAE’s real estate sector.
Nomura said that along with its international expansion, Emaar’s expected the completion of Burj Dubai and should see a sharp spike in the company’s earnings once the development is handed over.
The world’s tallest skyscraper is targeted for completion in September.
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