Global brokerage firm Jefferies upgraded Bharti Airtel to 'hold' from 'underperform' after the Q2 results and raised the target to Rs 407 from Rs 280 per share, but maintained its 'hold' rating for Vodafone Idea and slashed target price to Rs 2.40 from Rs 8 as it believed that the company would still lose a majority of high ARPU (average revenue per user) subscribers to Bharti Airtel.