Doha – Mubasher: Qatar National Bank (QNB) said in a note released Tuesday that it decreased its price target (PT) for Qatar Gas Transport Co.'s (Nakilat) stock to QAR 25, with a recommendation to keep the stock.
The reduction in the PT is attributed to higher operating expenses and lower revenues from shipbuilding operations, QNB’s report showed.
Earlier on Tuesday, Milaha said its revenues fell 3.1% to QAR 877.54 million in the first quarter of 2017, compared to QAR 905.53 million in the same period of 2016.
Its profits fell 33% in the first three months of the year to QAR 236 million ($64.77 million) from QAR 352 million ($96.6 million) in the year-ago period.
QNB's new TP for Nakilat is 24.4% higher than its current price of QAR 20.1.
