Last Updated : Dec 13, 2018 10:40 AM IST | Source:

Interglobe Aviation jumps nearly 5% after Morgan Stanley upgrades rating

Morgan Stanley also hiked the stock's target price to Rs 1,311 from Rs 790.

Moneycontrol News @moneycontrolcom

Shares of Interglobe Aviation, the operator of domestic airline IndiGo, rose nearly 5 percent after Morgan Stanley upgraded its rating on the stock to "Overweight" from "Equalweight".

Morgan Stanley also increased the stock's target price to Rs 1,311 from Rs 790.

The stock rose around 4.8 percent on the news to Rs 1,076.70.

Also read: IndiGo becomes first Indian carrier to have 200 aircraft in its fleet

"Competitive position has strengthened in recent downcycle," Morgan Stanley said in its research note.

The brokerage also said that there are signs of Interglobe Aviation's cost headwinds receding with rising yields.

"Attractive valuations; risk reward favourable," it said.

At 10:35 IST, Interglobe Aviation was trading at Rs 1,063.70 on BSE, up 3.56 percent from its previous close.
First Published on Dec 13, 2018 10:40 am
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