Bharti Hexacom shares surge over 9% after JPMorgan initiates Overweight rating, predicts 20% upside

Shares of Bharti Hexacom surged over 9% to a day’s high of Rs 1,165 in Tuesday’s trade on BSE after the global brokerage firm JPMorgan initiated an ‘Overweight’ rating on the stock with a target price of Rs 1,280, indicating an upside potential of 20% from the previous day’s closing price of Rs 1,065 apiece.

The global brokerage believes the company is the best India market repair pure-play. They expect tariff repair to drive a 20% compound annual growth rate (CAGR) and higher underlying returns, while stronger than peer average revenue per user (ARPU) and subscriber growth provide tailwinds.