Down 45% in 1 year! Vodafone Idea shares gain as Citi upgrades to buy, sees 67% potential upside

Shares of Vodafone Idea advanced nearly 4 percent during early trade on Monday, April 15, after global brokerage Citi Research reaffirmed its bullish stance on the embattled telecom operator. The brokerage maintained its ‘buy’ rating on the stock, along with a target price of ₹12, implying an upside potential of nearly 67 percent from the previous session’s close.

In its latest note, Citi said it continues to view Vodafone Idea (Vi) as a “high-risk buy,” but remains optimistic about the company’s prospects, especially in light of the recent equity conversion by the government.