New Delhi, Dec. 23 -- GMR Airports, engaged in the development, maintenance, and operation of airports, could see its share price rise to Rs.120 apiece, an 18% upside from current levels, as estimated by domestic brokerage firm JM Financial, which initiated coverage on the stock with a 'buy' rating.

Although the stock staged a strong comeback from February lows, gaining 50% since then, the brokerage believes that a surge in non-aero revenue streams, driven by rising affluence in India and commercial development of real estate, is not fully factored into current valuations.

The brokerage valued GMR's operational airports in India at a long-term average 12-month forward EV/EBITDA of 21.2x and added valuations for monetisable land at airpo...