Falcom Financial Services maintained its neutral stance towards Saudi Basic Industries Corp’s (SABIC) shares to reflect a fair target price at SAR 109 per share, given its Q2 2019 performance.
The research firm said in a note issued today that it doesn’t expect SABIC to post substantial recovery in the second half of the year.
“However, we believe that the company’s fundamentals remain robust and its long-term growth story remains intact,” it added.
The brokerage firm also predicts SABIC’s 2019 profits to decline 46 percent year-on-year (YoY) to SAR 11.6 billion.
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