Citigroup keeps buy rating on Air Arabia March 4, 2008
Posted by mylastresort in analysis.Tags: Air Arabia, Buy Rating, Citigroup, Dubai, research, uae
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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)
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