Cairo – Mubasher: Renaissance Capital has raised the target price (PT) for Elsewedy Electric’s stock to EGP 229 per share, downgrading the stock to “HOLD” from “Buy” due to higher energy prices since the beginning of 2018.

Elsewedy is able to maintain its current growth levels in the market, in line with sealing the $300 million engineering, procurement and construction (EPC) contract award for phase IV of the Al Aweer power plant, according to a recent report by Renaissance Capital on Tuesday.

This is the first power generation contract Elsewedy wins in the GCC as a lead contractor, the report added.

Elsewedy is likely to achieve estimated annual awards of around $1.03 billion from the aforementioned project in four years, the Russian-based investment bank said.

By 2:09 pm Cairo time, Elsewedy Electric’s stock slipped 0.88% to EGP 231.65.