HDFC Securities has maintained its buy rating on Bharti Airtel with a target price of Rs 964 in its December 10, 2008 research report. "Bharti Airtel Ltd (Bharti) has been adding large subscriber volumes on a month on month basis. In October 2008, it added 2.72 million wireless subscribers, which is the highest ever by any player in the industry. We expect the sales to grow at a CAGR of 31% and net profit at 27% in the period between FY 08 to FY 10. Hence, we reiterate our BUY rating, maintaining our target price of Rs 964, which translates into an upside of 38% from current levels," says HDFC Securities' research report.

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