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Morgan Stanley Is Biggest Aramco Bear as Banks Begin Ratings

  • Goldman has highest target on oil producer after record sale
  • Hold, sell ratings dominate after stock climbs from IPO price
Bloomberg business news

Jan. 6: Aramco Tested a Month After IPO

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A month after the world’s largest initial public offering, Saudi Aramco’s investment banks aren’t exactly bullish, with most recommending investors avoid the stock as they kicked off research coverage.

Of the 13 banks tracked by Bloomberg that have begun following the stock, two recommend buying, seven have hold ratings and four say sell. The average 12-month price target is 32.64 riyals, a 5.9% drop from current levels, with Morgan Stanley, at 28.10 riyals, the lowest among the banks that arranged the sale.