NCB Capital downgrades Safco to neutral; sets TP at SAR 110.7

16/04/2015 Argaam
NCB Capital has downgraded Safco’s stock to neutral and lowered the stock's target price to SAR 110.7 from SAR 138.3, as the company’s profits were below NCB’s expectations by almost 17 percent.
 
NCB Capital said lower operating rates were behind weak earnings. The firm believes that Safco’s plants operated at 91 percent compared 112 percent in Q1-2014.
 
Safco’s profits in first quarter were down 30 percent to SAR 590 million, its lowest since 2009. The company attributed this decline to low sales prices of fertilizers, which were impacted by weak oil prices.
 
Albilad Capital also slashed SAFCO's rating to netural, and lowered its target price to SAR 111.

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