Riyadh – Mubasher: Saudi Fransi Capital, on Monday, lowered its expectations regarding the Saudi Arabian Mining’s (Maaden) profits for the second quarter of fiscal 2016 by 28% to SAR 213 million, maintaining its ‘Hold’ recommendation on the stock.
The think tank kept target price at SAR 28.50 with an expected return of 30.7%, compared to yesterday’s closing price of SAR 41.1.
The investment banking arm of Banque Saudi Fransi said it trimmed its estimates for Q2 revenues by 14% to SAR 2.6 billion from SAR 3 billion, while total sales were forecasted to fell by 12% to SAR 10.4 billion in 2016, 5% down from SAR 11.8 billion in 2015.
