Airtel best play on data boom: CLSA

Second foreign brokerage after JP Morgan to raise price target

Global brokerage CLSA on Friday upgraded Bharti Airtel, terming it the “best play on India mobile consolidation and data boom”.

The brokerage increased the price target on the stock to Rs 640, implying a 27.5 per cent upside over the last closing price of Rs 502.

CLSA is the first foreign brokerage after JP Morgan to have raised its price target of Bharti Airtel this week.

On Wednesday, the US-based brokerage upgraded the stock to ‘neutral’ from ‘underweight’ and has increased price target to Rs 500 from Rs 290.

“India’s mobile consolidation and data boom have revived Bharti Airtel’s growth.