Nomura upgraded targets on property firms in the United Arab Emirates on Thursday in the expectation the stabilising property market would pull stock prices out of their troughs faster than originally anticipated.
Nomura upgraded price targets of Aldar, Deyaar Development, Emaar Properties, Ras Al Khaimah properties, Sorouh Real estate, and Union Properties.
Easing liquidity conditions following reports about the upcoming $10 billion Dubai government bond programme, also boosted optimism, the bank said, adding that likely defaults of some private property developers might open the door for “vulture” investment in distressed assets.