CLSA has a price target of ₹1,510 per share, suggesting a downside of nearly 7%, compared to the stock’s current trading price.
In its note, CLSA said it prefers Bharti Airtel, given stronger growth prospects than Bharti Hexacom.
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The brokerage highlighted that Bharti Hexacom operates in only two markets and has a high dependence on mobile services, which limits its growth visibility compared to Airtel.
CLSA also noted that the company’s growth lagged Bharti Airtel in Q3FY26, adding to its cautious stance.
Further, the brokerage said the stock is trading at a premium valuation, which limits upside potential despite the upgrade.
Bloomberg data shows sentiment remains largely positive, with eight of 13 analysts rating the stock ‘buy’, while three recommend ‘hold’, and two with a ‘sell’ rating.
The stock is currently trading 1.45% up at ₹1,616.70 as of 10.47 am on Thursday, and it has delivered 21.55% returns in the last year.
