From Investing.com: 2024-05-16 03:00:01

JP Morgan analysts upgraded Bharti Airtel Ltd. to “overweight” and raised their price target due to stronger earnings potential from higher tariffs in India and improved returns on capital. Airtel’s fiscal 2024 earnings were in line with expectations, with quarterly revenue up 2% to 221 billion rupees and annual EBITDA at 790.45 billion rupees. JPM predicts EBITDA to increase 9% in fiscal 2025 and 14% in fiscal 2026 from higher average revenue per user and a 25% tariff hike. They also anticipate increased dividends over the next two years due to improving cash flows and reduced debt. Other brokerages like Citi reiterated their “buy” rating on Airtel, while HSBC maintained “hold” with a slightly increased target price. Airtel’s stock rose 2.4% to 1,340.65 on Thursday.



Read more at Investing.com: JPM raises to ‘overweight,’ sees stronger earnings By Investing.com