HSBC upgrades Bharti Airtel to ‘Overweight’ and raises target price to Rs. 425 as Bharti benefit most from weakening of completion. The stock underperformed after the launch of GSM services by Tata Teleservices and the entry of a range of new Greenfield operators that led to irrational price competition. However, in the last six-nine months, the stock has bounced back as new GSM operators have become defensive in terms of pricing and rollout of services. In fact, Bharti won back about 100 bp of its revenue market share in the June quarter, a clear indication of its dominance in the Indian wireless space. Bharti is well positioned in the Indian market with the largest block of 900 MHz spectrum in 13 circles that cover 68% of Indian’s population: the largest amongst all operators. HSBC believes.