After a steep selloff last year, Vodafone Idea shares have nearly doubled over the past 12 months, helped by AGR relief hopes and improving investor sentiment. Citi has now removed its 'High Risk' rating on the stock and raised its target price to Rs 17, implying an upside potential of about 22% from the previous closing price.
In its latest note, Citi Research changed its rating on Vodafone Idea shares to ‘Buy’ from ‘Buy-High Risk’ , taking several tailwinds including the government’s recent reassessment of AGR dues, rating upgrades, equity infusion by the Aditya Birla Group, and other factors into consideration.
