Buy Bharti Airtel, target price Rs 590: CLSA

CLSA has retained buy rating on Bharti Airtel and lowered target price to Rs 590 from Rs 680. Shares of Bharti Airtel ended down 0.4 per cent at Rs 404.05 on Tuesday while the BSE Sensex closed 692.79 points up (+2.67 per cent) at 26,674.03.

Bharti Airtel Ltd., incorporated in 1995, has a market cap of Rs 220431.79 crore.

Investment Rationale

Covid-19’s hit on Bharti Airtel is likely to be moderate, as medium-term growth would be led by December 2019’s prepaid tariff hikes, said CLSA. Also, Bharti Airtel and other telcos’ submissions to Trai on floor tariffs seek further 50-90 per