Airtel stock falls after poor Q4 show, but analysts raise price targets

NEW DELHI: Notwithstanding Dalal Street’s muted reaction to Bharti Airtel’s March quarter numbers, analysts said the telecom operator’s numbers were largely in line, and that they liked the steady Ebitda sans any tariff hike, besides addition of quality 4G subscribers, superior network capacity and the growth in home business.

While earnings estimates for the telecom operator have been trimmed marginally, analysts are optimistic on the market share gains and set price targets of up to Rs 750, which suggest up to 39 per cent potential upside for the stock.

Among global brokerages, Citi has maintained a ‘buy’ rating on the stock with a price target of Rs 685, as it expects the firm to keep gaining market share. Noting that the stock has remained rangebound over the past few months, it said valuations are reasonable for the stock.