(Reuters) – Credit Suisse raised its price target on Etihad Etisalat (Mobily) to 50 riyals from 37 riyals, after the wireless telecommunications service provider posted strong fourth-quarter results.
The company, Saudi Arabia’s second-largest mobile phone operator, beat analysts’ fourth-quarter earnings forecasts, helped by higher revenues from its voice and data services.
The results are a testament to Mobily’s strongly-executing management and the strength of its brand and distribution platform, the analyst said in a note to clients.
“New products, customers and markets require new skills and resources, but Mobily’s execution to date suggests this is a risk well under control,” he added.
The analyst reiterated his “outperform” rating on the stock as he saw Mobily as the best positioned company within the Middle East North Africa telecoms universe.