Aljazira Capital keeps ‘overweight’ rating on Al Hokair; reduces TP to SAR 97.3

Aljazira Capital has maintained its “overweight” position on Al Hokair Group and reduced the stock’s target price from SAR 105 to SAR 97.3.

The investment arm of Bank Aljazira also revised its 2015 earnings forecast for the Saudi-based hospitality company from SAR 262.7 million to SAR 240.5 million (SAR 4.37/share),which would mark a year-on-year increase of 22.4 percent.

The amended outlook was attributed to the delayed opening of the company’s hotels and entertainment centers.