Goldman Sachs upgraded Saudi Arabia's Etihad Etisalat Co (Mobily) to "buy" from "neutral" citing a four-fold increase in its mobile broadband subscriber base last year.
The brokerage expects Mobily, Saudi Arabia's second-largest telecoms operator by market capitalization, to benefit from faster mobile data adoption, superior network quality, and strong consumption trends in the country.
It expects Mobily to sustain its superior returns and raised its price target on the stock to 87 Saudi riyals ($23.20) from 58.8 Saudi riyals ($15.68).
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