Spimaco Price Target Tweaked as United Securities Notes Q3 Results

05:50 AM EST, 11/10/2026 (MT Newswires) -- United Securities LLC revised its price target and forecasts for Saudi Pharmaceutical Industries and Medical Appliances (SASE:2070), d/b/a Spimaco, following the company's third-quarter results. "In light of the weaker-than-expected 3Q26 performance, we have revised down our revenue and net profit estimates to SAR1.67bn and SAR126mn, respectively. We have also reduced our target price to SAR29.71 per share. Despite the near-term earnings challenges, we believe the recent sharp correction in the share price has more than accounted for the deterioration in operating performance, with the implied risk premium appearing elevated relative to the company's longer-term prospects," analysts wrote in a Tuesday note. For the reporting quarter, the pharmaceutical manufacturer logged a net loss of 28.6 million Saudi riyals, which the research firm said was "significantly below" its estimate. Revenue declined 6.5% annually to 388 million riyals, missing United Securities' forecast by 8.3%. "Our revised target price indicates meaningful upside from current levels. Accordingly, we maintain our STRONG BUY recommendation," the note said.