(Reuters) - HC Brokerage raised its price target on Telecom Egypt by 7 percent to 22.40 Egyptian pounds, and said it expects Egypt's fixed-line monopoly to report a strong second quarter. HC forecast Telecom Egypt to post a second-quarter net income of 807 million Egyptian pounds, up 28.4 percent year-over-year. The brokerage also raised its forecast for 2009 net income by 11.6 percent to 3,086 million Egyptian pounds. Telecom Egypt is scheduled to report second-quarter results on August 13. The likelihood of France Telecom buying 100 percent of Egyptian mobile operator Mobinil acts as a trigger for Telecom Egypt's stock, as it would mean that Telecom Egypt would offer the only exposure to Egypt's lucrative mobile market through its 45 percent equity stake in Vodafone Egypt, HC said. Mobinil and Vodafone Egypt are Egypt's oldest mobile providers. Mobinil is at the centre of a row between its main shareholders Orascom Telecom and France Telecom, who sought court arbitration. Shares of Telecom Egypt were down about a percent at 16.86 Egyptian pounds Wednesday in Cairo. | 
