Is Vodafone Idea’s comeback a gain for Indus Towers – Why Nomura sees 22% upside?

Nomura has initiated coverage on Indus Towers with a ‘Buy’ rating. It has set a target price of Rs 490, implying an upside of 22% from the current market price. The company’s positive outlook is the primary driver for this recommendation.

Also, the brokerage house expects that the valuation gap between global peers and Indus Towers will narrow as the company’s stabilisation unlocks tenancy growth.