Dubai's Emaar Properties surges to a 51-month high as upbeat research reports from international banks bolster sentiment for the Dubai Financial Market's largest listed company.
Emaar climbs 5.7 percent to AED5.01, its highest finish since November 2008. In the more than four years since that peak, Dubai property prices have crashed, ravaging the sector and leading to a slew of cancelled or postponed projects.
Emaar has sought to offset this slump by diversifying into retail and hospitality and its shares are up 33.6 percent this year.
In a February 4 report, Bank of America Merrill Lynch gave Emaar a buy rating and a target price of AED5.3, while HSBC's February 7 report gave the developer a target price of AED6 and an overweight rating.
Read more: http://www.arabianbusiness.com/dubai-s-emaar-surges-51-month-high-488940.html
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