Credit Suisse raised its price target on Saudi Arabia's Etihad Etisalat (Mobily) citing another strong year for the company as rising popularity of smartphones continues to fuel the telecom 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 per cent 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 per cent 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 ($18.66) from SR65.

Mobily, which launched services in 2005, posted a 40 per cent increase in first-quarter net profit, while 2010 full-year profit rose by the same margin. Shares of Mobily were trading at SR55.75 at 0959 GMT on Wednesday. – Reuters