Citigroup has raised India's Jet Airways Ltd target price to 766 rupees from 545 rupees previously, while maintaining its "buy" rating, after Gulf carrier Etihad Airways said it is taking almost a quarter stake in Jet Airways at Rs. 754.74 per share.
The investment bank says the cash infusion of $450 million gives Jet the leeway to pay down high cost debt while also being strategic for its international operations.
Jet's shares were up 13.2% at 0508 GMT.
Jet Airways gains nearly 20% after Etihad buys 24% stake