Regarding EMPC, following a medium-term negative trend which had lasted over 7 months in 2004, the stock's price has been within a trading range of EGP12.00 and EGP15.50. This trading range is regarded as an accumulation area. Moreover, the stock's price is seen at a major cycle bottom which ­ in turn ­ is confirming the current accumulation phase. Accordingly, we initiate a medium-term "Buy" recommendation for EMPC, with targets at EGP18.00, EGP23.00, and EGP27.00, while a stop-loss at EGP12.00

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