Buy Bharti Airtel, target price Rs 594: Angel Broking

Angel Broking has given a buy rating to Bharti Airtel with a target price of Rs 594, an upside of 20.1 per cent over the CMP of Rs 495.

The share price of the company moved down by -1.59 per cent from its previous close of Rs 494.05. The last traded price is Rs 486.20. Incorporated in 1995, Bharti Airtel has a market cap of Rs 269804.59 crore.

Investment Rationale

Telecom operators have increased tariffs by ~35 per cent in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers.