Investec downgrades India's IndiGo operator on high valuation
** Investec downgrades IndiGo operator Interglobe Aviation INGL.NS stock to "sell" from "hold", maintains PT of 4,050 rupees
** Stock dips 0.9% to 4,830.95 rupees
** Brokerage says consensus outlook for INGL earnings growth over next three years is "unexciting" and not different from peers; says current premium valuation poses negative risk-reward skew for investors
** Says co's large aircraft order book does not guarantee earnings growth due to high sensitivity to margin risk
** Investec says $10 change in Brent crude oil or 5% change in airfare can lead to 30-40% change in INGL earnings
** INGL rated "buy" on avg and median PT is 5,132.5 rupees; SpiceJet SPJT.BO rated "hold" - LSEG data
Reporting by Varun Vyas in Bengaluru
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