UBS has upgraded Bharti Airtel to ‘buy’ rating from ‘neutral’ rating raising the target price to Rs 855 versus the earlier target price of Rs 760.
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According to UBS, the stock is trading at 6 times EV/EBITDA of FY24, which is low compared to the average of 7 times the number one mobile company is trading at in emerging markets (EMs), despite the fact that Bharti’s EBITDA will be 11 percent versus its peer at 7 percent. So Bharti is growing is faster and the valuations are lower.
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The firm has also upgraded Indus Towers to ‘neutral’ from ‘sell’ raising the target price to Rs 290 versus its earlier target of Rs 275.
UBS maintains its ‘neutral’ rating on Vodafone Idea.
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