Jefferies has upgraded InterGlobe Aviation (IndiGo) to 'buy' from 'hold' and raise its target price for the stock to Rs 5,225 from Rs 4,400.
IndiGo has kept surprising in the last 12-18 months, according to the brokerage.
The levels of spreads seen in FY24 may not repeat but should sustain at healthy levels for IndiGo, according to the brokerage.
A spread is the difference between two prices or yields over a given period of time.
The airline remains in the driver's seat with new avenues of growth, according to the brokerage.
The brokerage has raised its target for the stock to Rs 5,165 from Rs 5,120.