Buy Bharti Airtel with a 12-month target at Rs 448: CLSA

CLSA maintains buy rating on Bharti Airtel post March quarter results and has also raised its target price to Rs 448 from Rs 395 earlier. The positive surprise in India and Africa along with share buyback lifted sentiment.

The global investment bank upgrades FY17-18 Ebitda by 2%-3% and has maintain the telecom stock as best mobile play in the sector. CLSA also upgraded consolidated revenue, Ebitda and profit forecasts by up to 3 per cent to factor in higher India voice traffic and margins as well as Africa improvements.