DUBAI: JPMorgan has initiated coverage of Saudi Aramco’s shares with an “overweight” rating and a price target of 37 riyals (US$9.86) per share, saying it sees scope for the company to increase its proposed US$75bil base dividend.
JPMorgan was a joint global coordinator on Aramco’s public share sale in December, which raised a record of US$29.4bil in total, including a so-called greenshoe allocation of extra shares on the back of strong demand.
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