HC Research cuts price target on Egypt's Mobinil

(Reuters) - HC Research cut its price target on Egyptian mobile operator Mobinil to reflect stronger competition.

The third quarter was impacted by seasonality and increasing competition, which led the company to post lower-than-expected figures, HC Research said in a note to clients.

Third-quarter net profit of Mobinil, the country's largest mobile operator by subscribers, fell 8.1 percent from a year earlier to 497 million Egyptian pounds.

The brokerage, which cut its price target on the stock by 5.1 percent to 250 Egyptian pounds, maintained its "buy" rating, and said usage levels disappointed but remains elastic.

Shares of Mobinil were trading at 200.49 Egyptian pounds at 1141 GMT on Tuesday.