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. The brokerage raised its price target on shares of Mobily, Saudi Arabia's second-largest telecoms operator, to SR70 from SR65. Mobily, which launched services in 2005, posted a 40 percent increase in first-quarter net profit, while 2010 full-year profit rose by the same margin. Engineer Khaled Al-Kaf, Etihad Etisalat's CEO and Managing Director, said earlier that "Mobily represents our commitment to the Saudi market and consumers through values aiming to provide the best standard of mobile services and products to match the aspirations and life style of the Saudi people."
