Swiggy’s Potential Growth
Swiggy, a popular food delivery service, has caught the attention of brokerage firm JPMorgan. Despite already seeing a 50% increase in its share price since its IPO, JPMorgan believes that Swiggy still has room to grow. The firm has given Swiggy a buy rating and set a price target of ₹730, which is 27% higher than the current price.
Positive Outlook
JPMorgan is optimistic about Swiggy’s future in both food delivery and Quick Commerce. The firm believes that Swiggy’s focus and execution will help it succeed in India’s local service industry.
Financial Performance
They are also performing well financially. It is seeing growth in its core business and is expected to become more profitable in the coming years. Despite this positive outlook, its current stock price is lower than its competitor Zomato, according to JPMorgan.
Analyst Ratings
Out of the 11 analysts covering the food delivery app, six have given it a buy rating, two say hold, and three recommend selling. JPMorgan’s note on the food delivery company comes shortly after Axis Capital set a price target of ₹640, which caused a 12% increase in its stock price.
Overall, it is seen as a promising investment by JPMorgan and other analysts, despite a slight dip in its stock price recently.
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Stay tuned for more updates and insights on the stock market! For more insights on investing in the Indian stock market, check out resources like Moneycontrol and NSE India.