Riyadh – Mubasher: Al Rajhi Capital has set the target price of the Tadawul-listed company United Electronics (eXtra) at SAR 80 per share, up 12.2% from the current price.

The research firm noted that eXtra reported significant top-line growth of 16% year-on-year at SAR 1.04 billion during the third quarter of 2019, in line with its estimations, according to Al Rajhi Capital report on Sunday.

Meanwhile, the company’s net income declined by 12% year-on-year, missing Al Rajhi’s estimates of SAR 38 million and SAR 37.5 million, respectively.

“We believe that the decline in bottom line was mainly due to the competitive pricing strategy that the company had followed during the quarter in order to gain higher market share, as evident from the higher top-line growth,” the report said.