Al Rajhi Capital has upgraded its rating on Saudi Airlines Catering Co. from “equal weight” to “overweight” on the view that the stock has an upside potential of 
​10
 percent.
 
The ratings agency also set its  target price for the stock at SAR 195.

The recommendation was based on the catering services provider’s clean balance sheet, higher margins, robust cash
​,​
 and lower capital expenditures.

Based on the fundamentals, the investment bank said the company is well-positioned, factoring in an expansion of airline fleets in the kingdom, as well as a higher number of pilgrims expected this year.

Al Rajhi Capital added that it forecasts a 16 percent year-on-year rise in revenue for Saudi Catering. Net profit is expected to jump 13 percent during the period, while earnings per share is estimated to hit SAR 7.25.

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