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News Topical, Digital Desk : Shares of India's largest airline, IndiGo, are seeing a significant rise on March 11th. Shares rose as much as 3% in early trading. This surge in InterGlobe Aviation (IndiGo) shares comes after the company's CEO, Peter Elbers, abruptly resigned. Following this development, brokerage firms have issued a positive outlook on the shares.
IndiGo shares opened at Rs 4,366 and hit a high of Rs 4,512 in early trade. However, due to selling pressure, they are now trading at Rs 4,408.
Brokerage increased target price
Brokerage firms including HSBC and Jefferies have maintained 'BUY' rating on the stock even after the leadership change at IndiGo , indicating that they do not expect any strategic changes at the airline.
HSBC has issued a buy call on IndiGo shares with a target price of ₹5,860 per share. The brokerage firm notes that Peter Albers has resigned for personal reasons and the change is unlikely to significantly alter the company's strategic direction. The firm expects the airline to continue to focus on improving operational efficiency.
Jefferies also maintained its buy rating on IndiGo shares, with a target price of ₹6,140 per share. The brokerage firm noted that Albers played a key role in expanding IndiGo's international operations and launching wide-body aircraft plans.
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