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Tue 1 Feb 2011 01:18 PM

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Aldar raised to 'neutral' at UBS on revamp; estimate cut

'Company has a much cleaner and relatively stronger balance sheet post the recently announced restructuring', analyst says

Aldar raised to 'neutral' at UBS on revamp; estimate cut
PRICE CUT: UBS cut its price estimate to AED1.75 from AED2.09 (ITP Images)

Aldar Properties, the Abu Dhabi-based developer that
received funds from the government, was raised to “neutral” from “sell” at UBS
AG.

“The company has a much cleaner and relatively stronger
balance sheet post the recently announced restructuring,” Dubai-based analyst
Anuj Mehrotra wrote in a note on Tuesday.

“We still don’t see enough visibility going forward,
driven by the poor end market conditions and lack of adequate disclosures by
the company with respect to its future pipeline of projects.”

UBS cut its price estimate to AED1.75 from AED2.09. The
shares were unchanged at AED1.67 at 11:36am in Abu Dhabi on Tuesday.

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