Despite a bearish market, shares of Bharti Airtel held steady after a positive upgrade by global research firm Jefferies, which raised the stock’s rating to “buy”. Jefferies has set a price target of Rs 900 for the stock, representing a 16 percent increase from the current market value. At 10:31am, Bharti Airtel was trading at Rs 772.80 on the BSE, with an intraday high of Rs 778.95 and an intraday low of Rs 769.90.
Jefferies predicts that the telecom company will experience a 13 percent growth in average revenue per user (ARPU) between FY23-25, and expects that its market share in the telecom industry will expand with the introduction of 5G technology. However, the research firm has adjusted its estimates by 1-4 percent to account for tariff hike delays. “Over FY23-25, we expect a single tariff hike of 15 percent towards CY23 end,” Jefferies stated.