Albilad Capital downgrades Safco; sets TP at SAR 111

16/04/2015 Argaam
Albilad Capital said it has slashed Saudi Arabia Fertilizer Co's (SAFCO) stock rating from overweight to neutral, and set its target price at SAR 111.
 
The downgrade came after the petrochemicals producer reported lower than expected profits, Albilad added.
 
Hit by low oil prices and weaker prices of fertilizers, Safco’s profit in first quarter was down 30 percent to SAR 590 million, compared to the same period in 2014. 

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