Credit Suisse has downgraded Dubai Financial Market’s rating to Neutral from Outperform while slashing its target price to from Dh2.20 to Dh1.40, citing a weak outlook.
Credit Suisse also cut Emirates NBD’s target price from Dh6.10 to Dh3.80 following the lender’s Q2 results update yesterday and due to slower growth expectations.
The bank also cuts DFM’s 2010 earnings forecast by 58.6 per cent to Dh174 million due to lack of liquidity and fresh listings possibilities.
In the wake of Emirates NBD’s Q2, update Credit Suisse also cut its 2010 net income forecast by 20 per cent to Dh3.5 billion, but retained its Outperform rating based on “attractive valuations.â€
