JPMorgan is the first major brokerage to initiate coverage of Saudi Aramco |2222...
) with an “overweight”, setting a price target of 37 riyals per share and saying it sees scope for an increase in the energy giant’s proposed $75 billion base dividend.
Bank of America Merrill Lynch said it rates Aramco as “neutral”, with a price target of 36 riyals per share. Morgan Stanley had an “underweight” rating and a price target of 28.10 riyals, the lowest among investment banks that advised Aramco on its IPO. It said it could see Saudi production capacity rising to 15 million bpd from the current 12 million and production of 10 million citing increased appetite by the kingdom to regain its share of global oil demand growth as oil markets tighten.
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