Indigo share price soared up over 6% in early trade on Wednesday to hit a new 52-week high of ₹2,236.95.
What Happened: The surge today comes as one of Indigo Airlines’ competitors in the budget air travel segment Go First filed for bankruptcy on Tuesday. The company had earlier in the day canceled several of its flights before filing a voluntary insolvency resolution in the National Company Law Tribunal.
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The news seems to have cheered Indigo investors and analysts alike. Bank of America maintained its ‘buy’ rating on the stock with a price target of ₹2,700 – an over 30% upside from the stock’s last closing price of ₹2,067.40.
Credit Suisse also maintained its ‘outperform’ rating on the stock with a price target of ₹2,450 as it noted that Go First’s insolvency could benefit Indigo in many ways. Macquarie also maintained its ‘outperform’ rating on the stock with a price target of ₹2,600.
Price Action: Indigo share price was up 6.22% to trade at ₹2,196 in the early hours of trading on Wednesday.
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