We downgrade Idea to Neutral with TP of Rs 96 @ 8.5x Dec-19 EV/E (vs. Rs 120 @ 9x). Our TP is based on pro-forma financials of the merged entities. Ideas 3QFY18 numbers were weak as expected. IUC rate cut and subscribers downgrade to lower ARPU bundled plans impacted performance. Ideas high leverage, lower capex, lack of VoLTE readiness and integration hiccups puts Idea on weak footing in near term. Management refrained from competing aggressively in the tariff battle amongst Jio & Bharti. It would focus on voice only customers with limited data consumption till sanity prevails on pricing (a tough call?). We believe this may impact Ideas subscriber share and revenues.