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Investing.com - Jefferies has raised its price target on Bharti Airtel (NSE:BRTI) Ltd (NSE:BHARTI) to INR2,500.00 from INR2,370.00 while maintaining a Buy rating on the stock.
The revision follows Bharti Airtel’s first-quarter results, which Jefferies described as "largely inline" with expectations, highlighting higher India mobile margins, growth in the homes business, and strong free cash flow generation as key positives.
While mobile subscriber additions were slightly softer than anticipated, Jefferies noted that the quality of additions remains encouraging for the Indian telecommunications company.
Jefferies cited Bharti Airtel’s strong growth outlook as a primary reason for the price target increase, projecting a 15% compound annual growth rate (CAGR) in India ex-tower revenues and 17% CAGR in EBITDA over fiscal years 2025-2028.
The firm also pointed to Bharti Airtel’s rising return on capital employed (ROCE) and healthy free cash flow growth, which is expected to achieve a 22% CAGR over the FY25-28 period.
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