Brokerages continue to remain upbeat on the country’s top domestic airline – IndiGo (Interglobe Aviation) after the company posted its fifth consecutive quarter of profit. Top brokerages like JPMorgan. UBS and Morgan Stanley have raised their target price on the stock significantly higher from the Friday’s closing price of Rs 3,145 after the company’s Q3 earnings.
Morgan Stanley has revised its target price for IndiGo to Rs 4,145, implying a 31% upside on the stock price against its Friday’s close of Rs 3,145. Morgan Stanley has an Overweight rating on the stock and believes that IndiGo’s strong balance sheet and healthy vendor relationships is helping to offset hit from aircraft grounding issues.
UBS and JPMorgan have also raised their target price for IndiGo to Rs 3,900 and Rs 3,470 respectively after its Q3 numbers. UBS has a Buy rating on IndiGo, while JPMorgan remains Overweight on the stock, Their latest target prices imply an upside of 24% and 10% respectively for the stock.
IndiGo’s Q3 net profit surged 111% on a YoY basis at Rs 2,998 crore against a net profit of Rs 1,423 crore posted in the same period last year. The company’s revenue from operations also jumped 30% to Rs 19,452 crore against Rs 14,933 crore in Q3FY23.
