CLSA upgrades Jet Airways to 'buy' sees turnaround

Citigroup becomes the latest foreign bank to upgrade Jet Airways to "buy", cementing expectations for a turnaround in the carrier.

Citi upgrades Jet Airways India to "buy" from "sell", and raises its target price to Rs 545 from Rs 172, in a note dated Tuesday.

Bank cites aligning demand-supply conditions, "stable" macro factors, rising revenue market share, and pricing discipline in the industry.

Also on Tuesday, CLSA upgraded Jet Airways to "buy" from "sell", and raised its target price to Rs 500 rupees from Rs 290, citing the airline's "strong" passenger yield environment, focus on route rationalisation on its international routes and "tight" cost control.

The upgrades come after Bank of America-Merrill Lynch raised Jet Airways to "buy" from underperform" on Monday.

Jet Airways posted a surprise quarterly profit on Friday, raising hope the worst is over for Indian carriers.

Jet shares gains 1.7 percent to Rs 384.05.