Reliance Industries shares are a 'high selection' for Citi in the Indian oil & gas area

Global brokerage firm Citi has raised its price target on Nifty 50 heavyweight Reliance Industries Ltd. (RIL) in a note released on Wednesday, December 3. Citi has maintained its 'Buy' rating on RIL and lifted the target price to ₹1,805 per share. This indicates a potential upside of 17% from Tuesday's closing level. Citi mentioned that it had recently increased its FY27E EV/EBITDA multiple for Bharti Airtel from 13x to 14x and has now applied the same revision to Jio as well. This pushes Jio's enterprise value estimate higher, from $135 billion to $145 billion.