According to Reuters, Citigroup maintained its “buy” rating and a price target of 2.85 dirhams on Middle East’s biggest low cost carrier Air Arabia.
Citigroup said its rating on the stock is based on the company’s first-mover advantage in an under-penetrated sector, and added that expected revenue contribution from new bases for the company to rise from 7 percent in 2008 to about 25 percent in 2010 and approach 50 percent in 2015.
(Reporting by Ramya Dilip in Bangalore)
Breaking News
- Indian workers stage protest at embassy.
- New website for Egyptian community in Kuwait.
- Calls rise for quiz 'truce'.
- Kuwait Times Muna Al-Fuzai column: Occupation: Terrorist.
- Preparation in full swing for pearl diving voyage.
- Expats fear inflation after Amiri grant, allowance hike.
- Safwan profits rose 26 percent in '05.
- Expat health insurance monopoly raises fees.
- Fires rage as Kuwait heats up.
- Indian doctors hold annual meet.
0 Responses to “Citigroup keeps buy rating on Air Arabia”
Leave a Reply