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Wednesday, January 29, 2020 4:41 GMT
Saudi Arabia-based brokerage, Al Rajhi Capital, has initiated coverage on the state oil giant, Saudi Aramco, with a ‘neutral’ rating and at a fair price of 37.50 riyals (US$10) per share. The stock is currently trading on Sunday at 34.15 Saudi riyals (US$9.11) on the Saudi stock exchange. The target price, implying 8.9% upside, potentially gives Aramco a valuation of US$2 trillion. “With a dividend prioritization of pro-rata US$75 billion for 2020-24 to non-government shareholders, Aramco stock...More