(Reuters) - Commercial International Brokerage raised its price target on state-run Telecom Egypt to 27.1 Egyptian pounds from 26.5 Egyptian pounds, and said the stock's value was becoming more diversified through the company's strategic investments in different telecom ventures.

In a note dated May 4, the brokerage, which maintained its "buy" rating on the stock, said a potential acquisition of a telecom operator by Telecom Egypt in Middle East, Africa, or Eastern Europe would be positive momentum for the stock price.

Shares of Telecom Egypt closed at 19.75 Egyptian pounds Sunday in Cairo.