Global brokerage firm retains buy on Bharti Airtel, sees 10% upside - here's why
Jefferies has maintained its buy call on the stock with target at Rs 685 per share. "Market share shifts continued towards Bharti Airtel and Reliance Jio. Vodafone Idea's fragile state should accelerate market share shifts towards Bharti and Jio," it said.
August 24, 2021 / 11:01 AM IST
Bharti Airtel share price was trading marginally in the red on August 24. The stock was trading at Rs 619.75, down Rs 2.80, or 0.45 percent. It has touched an intraday high of Rs 627.95 and an intraday low of Rs 618.65.
The telecom major added 38.1 lakh customers in the fiercely-competitive Indian telecom market, according to monthly data by TRAI. It added 38.1 lakh wireless subscribers in June, pushing up its mobile user base to 35.2 crore.
Jefferies has maintained its buy call on the stock with target at Rs 685 per share. "Market share shifts continued towards Bharti Airtel and Reliance Jio. Vodafone Idea's fragile state should accelerate market share shifts towards Bharti and Jio," it said, according to a CNBC-TV18 report.
"Jio's healthy subscriber additions bode well for the tariff outlook," it added.
Catch all the market action on our live blog
Mehul Kothari, AVP – Technical Research at AnandRathi has a buy on the stock with target of Rs 695 per share, an upside of 12 percent from the current market price.
"The stock has failed several times after confirming a breakout, but this time it has managed to break out above its lifetime high of Rs 623 on a closing basis. There could be a fear of missing out among traders following this breakout confirmation and that could lead to a fresh upside," he said.
"Traders are advised to buy the stock near Rs 630 with a stop-loss of Rs 595 for a potential upside target of Rs 695," he added.Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.