Shares of Bharti Hexacom Ltd are trading higher on Thursday, March 19, after brokerage firm CLSA upgraded the stock to 'hold' from its earlier rating of 'underperform'. According to reports from CNBC TV18, CLSA has set a price target of ₹1,510 per share, suggesting a downside of nearly 7% compared to the stock's current trading price. The upgrade comes despite CLSA maintaining a preference for Bharti Airtel over Bharti Hexacom due to stronger growth prospects.
CLSA highlighted several factors limiting Bharti Hexacom's growth potential in its analysis. As reported by CNBC TV18, the brokerage noted that Bharti Hexacom operates in only two markets and has high dependence on mobile services, which limits its growth visibility compared to Airtel. The company's growth lagged Bharti Airtel in Q3FY26, adding to CLSA's cautious stance on the stock.
The stock is currently trading 1.45% up at ₹1,616.70 as of 10.47 am on Thursday, according to CNBC TV18 data. The stock has delivered 21.55% returns in the last year, showing strong performance despite the brokerage's mixed outlook. 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.
CLSA noted that the stock is trading at a premium valuation, which limits upside potential despite the upgrade. As reported by CNBC TV18, this valuation concern remains a key factor in the brokerage's cautious stance on the stock, even after the rating improvement to 'hold' from 'underperform'.
