Riyad Capital maintains ‘Neutral’ rating for Advanced, raises TP to SAR 58/share

One of the factories of Advanced Petrochemicals

Advanced Petrochemical Co.’s Q4 2020 net profit came below Riyad Capital’s and market consensus estimates.

The brokerage firm said in an earnings review that the decline in Q4 net income was due to the challenging circumstances in 2020.

Riyad Capital maintained its ‘Neutral’ recommendation on the stock, raising the target price (TP) from SAR 51 to SAR 58 per share.

The ‘Neutral’ rating means that expected total return stands between -15% and +15%.