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Motilal Oswal Report
Motilal Oswal reiterates its Buy rating on Bharti Airtel Ltd. with an unchanged SoTP-based target price of Rs 2,355. An impending tariff hike, the upcoming JPL IPO, and a favorable resolution of the AGR matter remain key near-term triggers, while the long-term risk-reward remains attractive (bull case: Rs 2,875; bear case: Rs 1,810).
The brokerage had recently upgraded Bharti's subsidiary Bharti Hexacom to Buy, as it provides a pure-play exposure to the company's fast-growing India Wireless and Home Broadband businesses, with limited risk of capital misallocation, albeit at a slight valuation premium. The brokerage also believes that investors concerned about Bharti's capital allocation can gain exposure to its growth through Bharti Hexacom (target price: Rs 2,000).
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