Theeb Rent a Car Co Price Target Tweaked as United Securities Notes Q2 Results

06:44 AM EDT, 09/14/2026 (MT Newswires) -- United Securities LLC updated its price target and earnings forecasts for Theeb Rent a Car Co (SASE:4261) following the company's second-quarter results. The car rental company logged a net income of 16 million Saudi riyals during the three-month period, "significantly below" United Securities' estimates, according to a Sunday note. Revenue grew 16.4% annually to 425 million riyals, surpassing the research firm's forecast by 21%. "Theeb remains focused on strengthening its branch network and providing integrated mobility solutions as part of its strategy to expand across various cities in KSA," analysts wrote. "Based on the current results, we raise our 2026e revenue forecast to SAR 1.7bn (from 1.62bn), while reduce net income to SAR 149mn (from SAR 174mn). Despite the revenue outperformance, growth risks remain elevated amid ongoing geopolitical escalation. Accordingly, we lower our target price to SAR 22 (from SAR 28 per share), implying a limited upside of 5.80% from current levels and retain our HOLD rating."