Citi upgrades this airline stock for first time in over two years; should you buy, sell or hold?
IndiGo Share Price: Citi upgraded Interglobe Aviation (INDIGO) — the operator of airline IndiGo — to 'buy' from 'sell', its first upgrade for the carrier since November 2020.
IndiGo share price: The stock of InterGlobe Aviation (INDIGO) — which owns and operates airline IndiGo — was in demand on Dalal Street on Wednesday, after Citi upgraded the private sector airline to 'buy' from 'sell'. That marked the first upgrade for IndiGo from the brokerage since November 2020. IndiGo shares climbed up by Rs 23.6 or 1.3 per cent to Rs 1,898.7 apiece on BSE.
At 11:31 am, IndiGo shares held on to the green with a gain of 0.8 per cent at Rs 1,888.6 apiece.
Citi raises its target price for IndiGo shares
The brokerage raised its target price for the airline's stock by Rs 450, or 23 per cent, to Rs 2,400 apiece.
Giving the rationale behind its action on IndiGo, Citi mentioned:
- strong demand
- the airline's 55.9 per cent market share
- stability of the rupee against the US dollar
- a fall in crude oil prices
A look at Citi's past rating action on IndiGo
What experts make of IndiGo shares
Market expert Sandeep Wagle told Zee Business that he expects strength in the IndiGo stock once it crosses the Rs 1,900 mark.
Zee Business analyst Varun Dubey recommended buying IndiGo shares for a target of Rs 1,930 with a stop loss at Rs 1,855.
InterGlobe Aviation (INDIGO) share price: Historical performance
IndiGo shares have lost 7.5 per cent of their value so far in 2023, worse than a fall of 5.8 per cent in the Nifty50 headline index during this period.
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