Dubai-Mubasher: MubasherTrade Research (MTR) lowered the price target (PT) of low-cost airline Air Arabia by 19% to AED 1.67, maintaining “Buy” recommendation, according to a recent report.
The airline reported an 8% annual decline in earnings to AED 511.3 million in 2015, missing MTR’s estimates of AED 641.1 million by 21% and consensus of AED 575.0 million by 12%.
MTR maintained positive view on Air Arabia despite cutting PT on yield pressure.
