Mubasher: The Kuwaiti unit of Egyptian investment bank EFG Hermes Holding has reduced the price target (PT) for Integrated Holding Co by 15.4% to KWD 1.1 from KWD 1.3, with a ‘buying’ recommendation.
Despite a lower PT, the Kuwaiti company’s stock remained higher than its closing price on Sunday at 730 fils a share, the provider of investment banking and non-bank financial services said in a recent report.
The report expected that the fierce competition would negatively impact on Integrated Holding’s profits over the coming period.
Integrated Holding last reported a 26.19% year-on-year profit decline during the fourth quarter of 2018, logging KWD 3.18 million from KWD 4.3 million.
The company’s stock rose 0.14% to finish Tuesday’s trading session at 730 after 44,800 shares were exchanged, with a turnover of KWD 32,700.
