Wednesday, Sep 05, 2012
1152 GMT [Zawya Dow Jones]--Investment bank Sico raises Air Arabia's target price to AED0.72 a share from AED0.68 earlier. Assigns a positive short-term rating on the stock in anticipation of a strong 3Q performance based on the airline reporting a high load factor of 85% in July and given the combination of the holiday season and Ramadan during the quarter. "In addition, any margin pressure from higher fuel costs during 3Q should get offset, to a large extent, by gains in its derivatives portfolio," says Sico. Maintains a long-term add rating on the stock that closed Wednesday +0.2% at AED0.64. (brinda.darasha@dowjones.com; Twitter: @ZDJnews)
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(END) Dow Jones Newswires
05-09-12 1235GMT
