Credit Suisse raised its price target on Saudi Arabia's Etihad Etisalat (Mobily) citing another strong year for the company as rising popularity of smart phones continues to fuel the telcom carrier's double digit revenue growth.
The brokerage sees 'outperform'-rated Mobily as the 'most geared to the data growth investment theme in Eastern Europe, Middle East, and Africa mobile market,' and forecast a 19 percent revenue growth over last year.
'There is still little sign of competition affecting Mobily adversely, with first-quarter data from the regulator suggesting Mobily has over 75 percent share of mobile broadband subscriptions,' it added.
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