Nomura Financial Advisory and Securities has maintained 'Buy' on Bharti Airtel with target price of Rs 370 as against current market price (CMP) of Rs 360 in its report.

Commenting on the investment rationale, Nomura said, ''Management thinks there is still further scope for voice prices to rise, but this will be calculated and gradual - it will keep pushing through 1-2 paise increases and observe the impact on elasticity (this is broadly what other large operators intend to do too). This is critical for earnings given voice is still 80% of revenues.

The only problem we think could be that the market is now widely expecting pricing to improve from here on (and most of the earnings growth is based on this). If we don't see it consistently (barring some q-q volatility), there may be some concerns raised and we could be back to the EPS downgrade cycle.

We maintain Buy on Bharti. This could be the next stock to watch for - operationally things are stable to improving especially on voice (barring R-Jio, which may still be 2015 event), early days on data, and balance sheet deleveraging from asset sales helps. Management is anticipating/hoping that spectrum-related regulatory uncertainties should get better under the new ministry.''

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.