New Delhi, April 3 -- Shares of GMR Airports soared over 5 percent in intra-day trading on April 3 after global brokerage firm Citi initiated coverage on the stock with a bullish outlook. The brokerage assigned a "buy" rating, setting a price target of Rs.90 per share, implying a potential upside of 14.1 percent from the previous closing price of Rs.78.84.

Citi's positive stance on GMR Airports is driven by strong passenger growth projections and improving financial metrics. The brokerage estimates that India's passenger volume will expand at a compounded annual growth rate (CAGR) of 8 percent between FY24 and FY27, benefiting key airport operators like GMR.

According to Citi, GMR Airports' assets enjoy competitive advantages, and its f...