Hold Idea Cellular; target of Rs 49: Indiabulls
Indiabulls has recommended hold rating on Idea Cellular and downgradet target price of Rs 49, in its February 10, 2009 report. “Idea Cellular ended the third quarter with a handsome top-line growth of 13.1% qoq, backed by a robust 13% share in the all-India net adds of 3.8 mn and a 3.7% improved realisation of 65 paise per minute.
The company’s business model points towards a strong longer-term growth trajectory, the upcoming congestion in the telecom market would exert significant strain on its key operating and financial parameters, thereby limiting major upsides in the stock price. Thus, we have downgraded our target price to Rs 49 and reiterate our Hold rating on the stock, “says Indiabulls research report.
source: Moneycontrol
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