Albilad Capital cuts eXtra’s TP to SAR 95 on weak Q1 figures

22/04/2015 Argaam
Albilad Capital said home appliance retailer eXtra’s Q1 figures were far below its forecasts as it posted a 45 percent drop year-on-year to SAR 16.1 million. 
 

The stock price target was lowered to SAR 95 from SAR 97.10 and a ​"neutral" recommendation was placed.

 

The investment bank added ​that new activities eyed by the company​ are still unclear​. However, eXtra will likely seek to offset low profitability in the existing business amid slowed market sales. 

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