Al Rajhi Capital has downgraded its rating on Jarir Marketing Co. to “under review” from “overweight” and set the stock’s target price at SAR 134.40.

 

The recommendation came after the Saudi retailer’s Q2 net profit fell short of the Al Rajhi Capital’s estimates, the brokerage firm said in a report.

 

Results for the quarter were hit by lower consumption and a steep decline in corporate purchasing across the region.

 

However, Jarir’s revenues and operating profit may get a boost later this year as it pushes ahead with plans to open six new stores, the report predicted.

 

Earlier this week, Jarir reported a second-quarter net profit of SAR 128.5 million, a 17 percent year-on-year drop.

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