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Vodafone Cuts Target Price as Vodafone Idea Falls by 4%


Shares of the telecom major Vodafone Idea lost shares over 4 percent in intraday after global research firm CLSA initiated a sell rating on the stock and cut target to Rs 12.50 from Rs 27 a share.
The operating metrics looks weak with slower-than-expected data. However, the firm has raised FY20 EBITDA estimates by 9 percent while FY21 gearing will be uncomfortable at 6.3x EBITDA (Earnings before interest, tax, depreciation, and amortization).
However, Vodafone Idea has a buy rating of Deutsche Bank with a target at Rs 70 per share. And EBITDA seems to be ahead of estimates but revenue growth is slow, it said.
The firm is of the prospect that results should allay some investor concerns. Operating expenses declined consecutively on the realization of merger synergies while its operating metrics compare favorably to its peers.
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