Bernstein initiates coverage on Bharti Airtel with an 'outperform' rating

The brokerage notes that the pricing status quo is net positive for Jio and Bharti and negative for Vodafone Idea.

India remains an attractive market opportunity in the telecom sector and Bharti Airtel will be one of the two long term winners, said analysts at the foreign brokerage firm Bernstein Research. The brokerage has initiated the coverage on the stock with an "Outperform" rating and the target price of Rs 600. 

"Telecom in India is a consolidating market with Reliance Jio and Bharti Airtel holding nearly 70 per cent share while Vodafone Idea market share is bleeding. The long term market dynamics are positive with rising average revenue per user or ARPU (nearly 13% CAGR), still-low user penetration (near 70