India's Vodafone Idea falls as JP Morgan cuts rating, flags hurdles

Indus Towers

12/02/2026 09:42

** Shares of Indian telecom operator Vodafone Idea VODA.NS down 2.9% to 11.52 rupees

** J.P. Morgan downgrades stock to "underweight" from "neutral"; PT at 9 rupees - implying 24% downside to last close

** Co has "multiple hurdles to cross before the business stabilizes", brokerage says

** Says stock's outperformance is overdone as firm still awaits bank funding to drive the next leg of the capex cycle

** J.P. Morgan notes co's target of a 3x increase in cash EBITDA over 3 years "looks aggressive"

** VODA on avg rated "hold" by 19 analysts; median PT is 10 rupees - LSEG data

** YTD, VODA up 7% after gaining 35.5% in 2025

** Peers Bharti Airtel BRTI.NS down 4.3%, while Indus Tower INUS.NS up 13.3% so far this year

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))