Macquarie downgrades Bharti Hexacom to 'underperform'

Bharti Hexacom

04/07/2025 10:34

** Macquarie downgrades telecom co Bharti Hexacom BHAX.NS to "underperform" from "outperform" on valuation concerns after stock nearly doubles in 12 months

** Brokerage sets PT at 1,480 rupees, implying nearly 23% downside from last close

** Despite the downgrade, Macquarie maintains a positive view on the company's fundamentals, expecting strong profit improvement driven by higher average revenue per user

** Shares of BHAX fall 1% to 1,905 rupees

** BHAX rated "buy" by 10 analysts on avg; median PT 1,754.5 rupees - data compiled by LSEG

** Stock up 30.7% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

(( rudrapratap.singh@thomsonreuters.com ))