Buy Bharti Airtel target of Rs 440: Sharekhan
Sharekhan’s research report on Bharti Airtel
Steady EBITDA performance, scope for further consolidation and improving FCF position make us optimistic on the stock. In-line revenue; strong operating performance along with moderation in capex intensity; ARPU stable excluding Tata Tele impact; DTH surprised positively. There could be further consolidation in the industry to two formidable players given the strength of their balance sheet, if there are no material benefits from the government on the AGR issue.
We maintain our Buy rating on Bharti Airtel with a revised price target (PT) of Rs. 440.
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