Jefferies has reiterated a buy call on Bharti Airtel, setting a target price of ₹2,350 per share, citing the telecom major’s strong fundamentals and favourable market structure. The brokerage believes Airtel operates in a large market with limited competition, which sets the stage for mid-teens revenue growth over the medium term.
According to Jefferies, there is a structural decline in capex intensity for Airtel, indicating the company may be able to maintain its growth trajectory while improving its return profile. The firm further noted that valuations still have room for a potential re-rating, driven by consistent operational performance and profitability improvement.
As of last close, Bharti Airtel shares traded at ₹1,424.70 on the NSE, implying a potential upside of over 65% to the target set by Jefferies.
Disclaimer: The views and recommendations above are those of the respective brokerage firm. They do not represent the views of this publication. Investors are advised to consult their financial advisers before making any investment decisions.