Bharti Airtel shares decline despite analyst upgrade. Kotak Institutional Equities upgraded the telecom stock to Buy with a target price of ₹2,250, citing resilient wireless performance and lower capital expenditure intensity projected at 21-22 percent of revenue through FY2028 compared to historical 30 percent levels. The stock traded 1.27 percent lower at ₹1,759.30 on Thursday morning with significant buy-side interest at 55.68 percent of traded volume. Kotak highlighted near-term average revenue per user increase potential and deleveraging benefits. The brokerage dismissed concerns about capital allocation in Airtel's NBFC operations, noting the stock trades at an attractive 8x EV/EBITDA on FY2028 estimates.
