Vodafone Idea Shares Climb: JM Financial Raises Target to ₹12 Amid High Risks

• JM Financial maintained an 'ADD' rating on Vodafone Idea, raising its target price to ₹12.
• Vodafone Idea's ARPU increased to ₹180 and EBITDA improved, but it lost 1 million subscribers.
• Key risks include a high net debt of ₹1.94 lakh crore, funding shortages, and slow 5G rollout.
• The company's ARPU still lags behind competitors, and subscriber losses continue to be a significant risk.
• A stock rally depends on significant funding, accelerated 5G rollout, narrowing the ARPU gap, and stopping subscriber losses.

Why It Matters: It informs investors about Vodafone Idea's volatile stock prospects.