HC Research cuts price target on Egypt's GB Auto

(Reuters) - HC Research cut its share-price target on Egypt's GB Auto and said it was concerned about margin pressures on the automobile maker and assembler's commercial vehicle (CV) segment.

The brokerage cuts its price target on the stock by 7 percent to 28.7 Egyptian pounds.

"We are concerned about CV margin pressures, which are expected to continue until the second quarter of 2010, in addition to the unforeseen near-term commencement of the draw-bar trailer replacement program," HC research said in a note to clients.