Bharti Infratel comes tumbling down
By
Research Desk
about 8 years ago
Bharti Infratel hits a new 52-week low at Rs.334.30, down 4%. It has recovered a bit from that level to Rs.340 but remains some 2.5% down.
The stock is bearing the brunt of a slew of downgrades by brokerage houses. Till date, 29 brokerage houses have rated a “sell” on the stock and the latest is Goldman Sachs. Yesterday, it put out a report downgrading the stock to “sell” from “neutral”. It has also cut the target price to Rs.307 from Rs.368.
Goldman Sachs has said that due to consolidation in telecom industry, demand for towers could go down and it also foresees competition increasing in the sector. It has stated that this infrastructure sharing by telecom companies will eventually lead to lower tenancy growth