HSBC has upped its target price for Bharti Airtel to Rs 650 from Rs 570.

The broking firm expects average realization per user (ARPU) to go up as more users move up the value chain by shifting from 2G to 4G offering.

On the upcoming spectrum auction in March, HSBC expects telecom operators together to bid for only Rs 25,600 crore. This is paltry compared to the spectrum on offer. HSBC expects Bharti to invest around Rs 10,000 in the auction.

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(Edited by : Santosh Nair)