Citi raises Jet Airways target price to 766 rupees

MUMBAI (Reuters) - Citigroup has raised India's Jet Airways Ltd target price to 766 rupees from 545 rupees previously, while maintaining its "buy" rating, after Gulf carrier Etihad Airways said it is taking almost a quarter stake in Jet Airways at 754.74 rupees per share.

The investment bank says the cash infusion of $450 million gives Jet the leeway to pay down high cost debt while also being strategic for its international operations.

Jet shares were up 11 percent at 1:59 p.m.

(Reporting by Abhishek Vishnoi)