NCB Capital downgraded its recommendation on Dr. Sulaiman Al Habib Medical Services Group to “Neutral,” but raised the per share target price from SAR 70.40 to SAR 94.40.
The firm said it raised the target price due to new expansions, low interest rate and better profitability, indicating that the stock currently reflects all the positive factors.
The group is qualified to meet the goals of Vision 2030, one of which is to increase private sector participation in the healthcare sector, in addition, the group's major expansion plans are key strengths, NCBC added in an earnings review report.
The brokerage firm expects Sulaiman Al Habib Group's net income to grow by 8.8% this year to reach SAR 947 million and further increase to SAR 1.05 billion in 2021.
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