Swiggy Share Price Update: Shares of online food delivery and quiz commerce company Swiggy may rise sharply in the coming days. Swiggy’s stock can cross Rs 500. Foreign brokerage house UBS has issued a coverage report on this foodtech company and advised investors to buy the company’s shares. According to UBS, Swiggy’s stock is trading at 35-40 percent cheaper valuation than Zomato’s stock.
Swiggy’s shares are cheaper than Zomato!
UBS said in its coverage report on Swiggy’s stock, Swiggy’s stock can cross the level of Rs 500 and go up to Rs 515 in the next 12 months. That means the stock may rise by 20 percent from the current level. On Monday 25 November 2024, Swiggy shares closed around Rs 430. UBS said in its report, after adjusting for Swiggy’s lower scale compared to Zomato, we believe that Swiggy’s stock is trading at a 35-40 percent discount to Zomato and with the stabilization of Swiggy’s market share. Valuation discount is likely to be less. Due to which the Global Brokerage House has advised investors to buy Swiggy’s stock. According to UBS, there is immense upside potential in Swiggy’s stock. Swiggy is going to benefit greatly from the rapid growth of food delivery and quick commerce market in India.
5 brokerage houses released coverage report
Swiggy was listed on the stock exchange after the IPO on 13 November 2024 and only two weeks have passed since the listing and till now five Indian and foreign brokerage houses have released their coverage report on the stock. First of all, JM Financial advised to buy the stock and said that Swiggy’s share can go up to Rs 470. Another global brokerage house Macquarie also said in its report on Swiggy that the stock can go up to Rs 700 in the long term. However, HDFC Securities has also given a target of only Rs 430 while advising to add the stock to the portfolio.
Motilal Oswal Financial Services has also released a report on Swiggy. The brokerage house has given a target of Rs 475 for Swiggy’s share, although its stance is neutral on the share. The brokerage house, in its report, said that Swiggy Instamart first stepped into quick commerce but Blinkit has gone far ahead of it and Zepto is also doing better.
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