United Securities Keeps UAE Telco e& Price Target After 'Steady' Q2 Performance

12:52 AM EDT, 08/10/2026 (MT Newswires) -- United Securities LLC reiterated its price target of 21.30 Emirati dirhams for Emirates Telecommunications Group Co. (ADX:EAND), d/b/a e&, which implies a hold rating, following the company's second-quarter results. "e& delivered a steady operating performance in 2Q26, with results coming in marginally ahead of our expectations. EBITDA margins remained robust during the quarter, supported by a favorable revenue mix and disciplined cost management. However, we expect some moderation in margins over the coming quarters, as we do not believe the current levels are sustainable," analysts said Sunday. The Emirati telecommunications group's revenue for the three months ended June 30 came in line with expectations at 19.20 billion dirhams, up 8.7% year over year. Meanwhile, net income declined 10.1% to 3.12 billion dirhams, though the result beat the research firm's estimate by 2.7%. "The company has continued to optimize its portfolio through the disposal of non-core and minority investments, including its stakes in Careem Technologies and Vodafone. We expect the proceeds to be primarily used to reduce debt, supporting the bottom line and partially offsetting the decline in income from joint ventures. Management has also indicated that future acquisitions will focus on businesses that can be fully consolidated into its financial statements and are strategically aligned with its core operations," the note said.