Swiggy gets another buy call, this time from Nomura, with Rs 550 target price
Shares of food delivery and quick commerce major Swiggy, which has attracted several bullish brokerage calls, found another supporter on Monday as global brokerage Nomura initiated a buy rating on the stock with a target price of Rs 550.
“We believe that at the current price, the market is valuing only 0.3x EV/GOV for its QC business versus 0.9x for Eternal. In our view, disciplined execution and improving visibility on breakeven will be key catalysts for the stock. However, increased competition in the QC business due to aggressive expansion by other players could delay the company’s path to profitability,” said Swiggy’s Abhishek Bhandari.
He added that Swiggy’s ongoing product innovations, such as Bolt, a 10-minute quick…
