Vodafone Idea a high-beta turnaround play, says Jefferies; initiates buy with 29% upside potential

VIL's premium multiples should sustain during the turnaround, Jefferies said adding that VIL's network investments are already driving down churn.

Jefferies initiated coverage on Vodafone Idea with a Buy rating and Rs 20 target, citing subscriber stabilisation, tariff hikes and operating leverage. The brokerage expects strong revenue and cash EBITDA growth, but flags funding needs, execution risks and cash outflows.