December 5, 2017 / 6:40 AM / 7 months ago

BUZZ-HSBC starts coverage of India's IndiGo, SpiceJet with "buy"; rates Jet at "hold"

** HSBC Global Research initiates coverage on three Indian airline stocks

** Initiates coverage of IndiGo, owned by InterGlobe Aviation Ltd, at “buy” and 1,500 rupees price target; cites strong balance sheet, lowest unit cost and one of best on-time performance

** SpiceJet Ltd rated “buy” with PT of 180 rupees; cites “impressive turnaround story”, adding airline will be in net cash position by FY19

** Jet Airways (India) Ltd rated “hold” with PT of 600 rupees; cites high financing costs and weaker Gulf demand

** Overall, HSBC optimistic on airline sector, saying industry is “at the cusp of a strong recovery”

** Cites favourable government policies and consolidation in the market as positives

** Adds FX, more fuel efficient fleets will offset impact of rising fuel prices

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