Aljazira Capital maintains 'overweight' on STC; sets TP at SAR 82.70

07/06/2015 Argaam

Aljazira Capital, the investment arm of Aljazira Bank, maintained its overweight recommendation on Saudi Telecom Company (STC) and set a target price of SAR 82.70 per share.

 

The brokerage firm added that the company’s local position is strong and its growth meets expectations.

 

Saudi Arabia's largest mobile and fixed line operator reported a net profit of SAR 2.5 billion in first quarter of 2015, signaling a five percent rise when compared to the SAR 2.4 billion it recorded in the same period last year.

 

STC recently signed for Multiprotocol Label Switching (MPLS) with UAE Etisalat, according to data compiled by Argaam.

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