Citigroup upgrades Vodafone Idea to Buy with ₹17 target
Business
Vodafone Idea just got a major boost: Citigroup upgraded its rating to "Buy" and set a new target price of ₹17 per share, hinting at a 22% upside.
This comes right after the government cut the company's AGR dues by 27%, bringing them down to ₹64,046 crore as of December 31.
Vodafone Idea plans ₹45,000cr network upgrades
The stock has almost doubled in the past year and is now trading at ₹14, pushing Vodafone Idea's market cap over ₹1.52 lakh crore.
The company is planning to invest ₹45,000 crore over three years to expand its 4G/5G network and upgrade older sites, but there are still some big challenges ahead, including funding delays and tough competition.