Jul 06 2011 |
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MARKET TALK: MS Cuts Savola Target Price On Reduced EPS Estimates
Wednesday, Jul 06, 2011
0734 GMT [Zawya Dow Jones]--Morgan Stanley cuts Saudi Savola 's target price to SAR28.20 from SAR36.70 earlier on reduced EPS estimates for 2011-12. Says "our new estimates look ambitious in light of high commodity prices, but abatement of prior year losses in certain overseas subsidiaries (Algerian oil, Egyptian sugar) may be a positive influence y-o-y." Adds that Savola has a good record of hitting forecasts. However, notes that for Mena consumer exposure, "we prefer OW-rated Almarai for its more visible growth, simpler business model, and clearer strategy." Keeps 'equalweight' rating on Savola. Shares closed Tuesday -0.7% at SAR27.50. (brinda.darasha@dowjones.com)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-07-11 0735GMT
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