Citi Research increased its target price for Indus Towers Ltd shares to Rs 320 from Rs 265, citing improved free cash flow generation and the upcoming completion of Vodafone Idea Ltd’s fund raise scheduled for February 27. The completion of the fund raise could potentially lead to additional gains for Indus Towers and is a significant development to monitor, according to Citi Research.The new target price set by Citi Research represents a 30 percent increase over the current stock price of Rs 246. The brokerage maintained its ‘buy’ rating on Indus Towers stock. Indus Towers’ shares have surged more than 20 percent year-to-date, significantly outpacing the NSE Nifty 50, which has risen by 1.75 percent.Citi Research analysts mentioned in a report that Indus Towers could recover nearly half of its Rs 5,700 crore past outstanding dues from Vodafone Idea within the next two years. Vodafone Idea has indicated its intention to prioritize settling vendor dues following its fund raise. The telecom company had already repaid Rs 300 crore to Indus Towers in January of this year.