ICICI Direct has given Buy recommendation for Bharti Airtel recommended buy rating on the stock with a target price of Rs 860 in its research repo with a target price of Rs. 860 in its research report issued on Nov 23, 2021

ICICI Direct’s research report on Bharti Airtel

Bharti Airtel (Airtel) announced a tariff hike in its prepaid segment with ~20% tariff hike across the board, ~25% hike in base entry level 2G tariff (from Rs 79 to Rs 99) with effect from November 26, 2021 – (details on page 2) • The company indicated that tariff hike was taken to “provide a reasonable return on capital that allows for a financially healthy business model and that this level of ARPU will enable the substantial investments required in networks and spectrum, including 5G.

Outlook

We remain constructive on Airtel and maintain BUY rating with a revised SOTP target price of Rs 860.

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