The bank has upgraded Jet Airways India to "buy" from "sell", and raised its target price to Rs 545 from Rs 172, in a note dated Tuesday.
Citi cited aligning demand-supply conditions, "stable" macro factors, rising revenue market share, and pricing discipline in the industry as the reason for the upgrade.
CLSA also upgraded Jet Airways to "buy" from "sell" on Tuesday, and raised its target price to Rs 500 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 that the worst is over for Indian carriers.
Copyright @ Thomson Reuters 2012