JPMorgan trims target for Maaden stock amid aluminium growth

Published on 10/08/2026 at 13:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aluminium revenue rose 49.00 percent to USD 1.01 billion in Q2 2026. Maaden stock has 11 analysts and a Neutral consensus.

Maaden, SA123GA0ITH7, Illustration mit AI erstellt.

JPMorgan trimmed its target for Maaden while affirming a Neutral view on September 10, 2026, according to MarketScreener. The analyst action gives Maaden stock a clear valuation counterweight as aluminium growth strengthens while phosphate and ammonia guidance weighs on the wider portfolio.

Three milestones shape the picture

On August 5, 2026, Maaden reported Q2 2026 revenue of SAR 10.94 billion and earnings per share of SAR 0.56, against consensus earnings per share of SAR 0.44, according to Investing.com. On September 16, 2026, Maaden said Saudi aluminium demand could double within five to seven years, as reported by MarketScreener. On September 10, 2026, JPMorgan kept its Neutral rating and trimmed its target, while the cited consensus average target stood at SAR 66.70, according to MarketScreener.

What does aluminium growth mean for margins?

The strongest quantified operating signal is aluminium revenue of USD 1.01 billion in Q2 2026, up 49.00 percent from the prior-year quarter, according to AlCircle. The division produced 242,000 tonnes, while its realized aluminium price reached USD 3,915 per tonne, up 51.00 percent year over year. That combination indicates pricing, rather than a major production increase, did most of the work in the revenue comparison.

The counterweight is guidance. Maaden revised down its 2026 phosphate and ammonia production guidance, according to AlCircle. This leaves investors weighing a 49.00 percent aluminium revenue increase against weaker expectations in other businesses.

Next date for Maaden investors

Maaden's next earnings report is scheduled for November 3, 2026, according to Investing.com. The release will provide the next dated test of whether stronger aluminium pricing can offset pressure on phosphate and ammonia production guidance.

Saudi listing stays below its high

On the Saudi Exchange, Maaden was trading at SAR 64.20 on October 7, 2026, while its 52-week range stood at SAR 54.90 to SAR 79.90. Market capitalization was SAR 241.3 billion as of October 8, 2026.