Riyadh Capital has upgraded Saudi Mobile Telecommunications Company to a "buy" rating with a target price of 12 riyals.

Riyadh Capital analyst Abdulrahman Bagut has upgraded Saudi Telecom Company's rating from "Neutral" to "Buy". The target price is set at 12 Riyals, which represents a 16% upside from the stock's latest price. In the quarterly earnings report released by Saudi Telecom Company on July 27th, the profits exceeded expectations but the sales fell short.