Swiggy Ltd.'s share price rose to the highest level in one month as sentiment for the stock turned positive after Morgan Stanley started covering the company. The brokerage has given a 'overweight' rating and a target price of Rs 405, implying a 21.5% upside from current levels.
Morgan Stanley expects Swiggy's Ebitda to break-even by fiscal 2028. It values Swiggy's food delivery at nearly 52% of Eternal’s corresponding business and estimates Swiggy lags by two years on adjusted Ebitda and 15% in market share.
After initiation, Swiggy share price rose as much as 4.19% in Tuesday's session. However, it erased all gains and ended 0.03% down at Rs 333.2 apiece.
Swiggy Share Price Today
Swiggy shares rose 6.32% to Rs 353.90 apiece, the highest level since May 5. They were trading 6.24% higher at Rs 354.1 apiece as of 11:55 a.m., as compared to a 0.18% advance in the NSE Nifty 50.
The stock has declined 23.19% in 12 months, and 34.66% on year-to-date basis. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 65.72.
Out of 21 analysts tracking the company, 15 maintain a 'buy' rating, three recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.4% .
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