JPMorgan has initiated an ‘Overweight’ rating on Swiggy, setting a target price of ₹730, implying a 27% upside from the current market price (CMP) of ₹576.60.
The brokerage views Swiggy as the “dark horse” in India’s local services ecosystem, with significant potential to scale. It highlighted Swiggy’s renewed focus and improved execution, enabling the company to catch up in food delivery (FD) and quick commerce (QC) segments.
JPMorgan expects Swiggy to achieve critical scale in its core businesses, driving a faster-than-peer expansion in profitability over FY25-FY28. Swiggy currently trades at a 32-42% discount to Zomato, which the brokerage considers overly pessimistic.
The report positions Swiggy as an underappreciated winner in India’s local services space, with strong growth potential and improving fundamentals.
Disclaimer: The above is for informational purposes only. Please consult a financial advisor before making any investment decisions.