Alistithmar Capital cuts Arabian Cement TP to SAR 90

Alistithmar Capital cut the target price on Arabian Cement Company to SAR 90 from SAR 94 a share, but maintained a “buy” rating on the stock as the cement producer’s total and operational profits were lower than expected.

However, the investment bank expects the company to maintain its market share and to continue buying clinker to maintain production levels, as it has ambitious expansion plans which are set to be operational before 2017.