Riyadh – Mubasher: JPMorgan has initiated coverage of the Saudi Arabian Oil Company’s (Saudi Aramco) stock with an overweight rating and a price target (PT) of SAR 37 per share, Reuters reports.

JPMorgan noted that it sees Aramco could increase its proposed $75 billion base dividend in 2020.

It is worth noting that JPMorgan is the first major global bank to assign Aramco an overweight rating. Meanwhile, HSBC initiated coverage of Aramco on Wednesday, with a “hold” rating and PT of SAR 36.80, while Goldman Sachs on Tuesday rated the company “neutral” with a PT of SAR 41.

Saudi Aramco revealed that the value of its initial public offering (IPO), which was already the largest in the world, has reached SAR 100.4 billion ($29.4 billion) following the exercise of the greenshoe option.

Aramco began trading on Tadawul on 11 December, following the largest IPO in the world.