Mubasher: Sico Investment Bank has raised the target price (TP) of Jazeera Airways by 10% to 770 fils instead of 700 fils in line with expectations for the company’s profits to increase, according to a recent statement by Sico.

The TP is 15.6% higher than Jazeera Airways’ market price of 666 fils, Sico Investment Bank said.

Sico Investment Bank has changed its recommendation on Jazeera Airways’ stock to “Neutral” from “Buy”, due to the rises witnessed on the stock in the past two months.

The Bahraini corporation expected the airlines company to achieve KWD 1.1 million profits in the fourth quarter of 2017 against a loss of KWD 1.2 million in 2016, backed by a growth of 13.9% in revenues to KWD 10.6 million compared to KWD 9.3 million in the prior year.

As for the fiscal year 2017, Sico expected Jazeera Airways to achieve an increase of 15.6% to KWD 10.6 million in profits, with forecasts of KWD 12.2 million profits by the end of 2018, and KWD 12.6 million in 2019.