Citi has upgraded Vodafone Idea, a major telecom operator in India, to a 'Buy-High Risk' rating, with a target price of ₹14, reflecting a potential upside of over 37%. The brokerage believes that the long-standing issue surrounding adjusted gross revenue (AGR) has been resolved, which significantly enhances the company's prospects for raising debt and completing its network expansion. With the government acquiring a 36% stake at ₹10 per share, the effective haircut on AGR dues is around 20% below the Reserve Bank of India's recovery value estimate. This resolution is seen as a positive development for both minority shareholders and potential lenders, allowing Vodafone Idea to pursue its full ₹25,000 crore fundraising plan, rather than the previously assumed ₹20,000 crore. However, Citi cautions that the stock remains high risk due to factors such as lower-than-expected tariff hikes and subscriber churn. The brokerage retains its long-term operating assumptions, projecting an industry EBITDA multiple of 7x by FY28, with improved chances of achieving these figures following the clarity on policy.