Naeem Research said in a recent report that it upgraded its recommendation on Orascom Development Holding from “Hold” to “Accumulate,” keeping TP intact at CHF 16.16 per share.

The report added that ODHN posted a net loss of CHF 157.8 million for 2013, in-line with the latest guidance.

It pointed out that decreased sales, drop in margins and depreciating pound contributed to the higher loss. Naeem expects 1H-FY14 to remain difficult, but 2H-FY14 will see positive signs.