Bernstein initiates coverage on Swiggy with Rs 635 target price, stock up 6%
Swiggy shares climbed as much as 6.1% on Thursday to Rs 520.70 on the BSE after global brokerage firm Bernstein initiated coverage on the food delivery player with an ‘outperform’ rating at a target price of Rs 635 per share, which implies a potential upside of 22% from the stock’s current levels.
The brokerage firm noted Swiggy’s pioneering role in India’s food delivery market since 2014 and its subsequent expansion into quick commerce. Currently, Swiggy is the second-largest hyperlocal platform in India, trailing only Zomato.
Bernstein said that Swiggy is well-positioned to capitalize on the structural shift toward super-fast delivery models in India’s rapidly growing convenience economy, which boasts an 8% penetration rate…
