Swiggy Stock Price: International brokerage Bernstein has initiated coverage for shares of food delivery and quick commerce sector company Swiggy with an ‘outperform’ rating. The brokerage has given a target price of Rs 625 per share for the stock. This is 27 percent more than the last closing price of the stock on BSE. Swiggy shares are on the rise on January 9 due to the upgrade from Bernstein.
The price jumped by 6 percent from the previous closing price to reach a high of Rs 520.70 on BSE. However later the stock came down slightly. The market cap of the company is Rs 1.13 lakh crore.
Bernstein noted that Swiggy is one of the winners in India’s convenience economy and will benefit from the shift toward super-fast delivery models. Furthermore, the brokerage believes that the current valuation of Swiggy is fair. Gross order value in the food delivery segment is likely to grow by 21 percent during FY25 to FY27.
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Bernstein is one of the many brokerages that have recently initiated coverage on Swiggy. In December 2024, JP Morgan also initiated coverage on Swiggy with an ‘overweight’ call and a target price of Rs 730 per share. Domestic brokerage Axis Capital has also initiated coverage with ‘buy’ rating and a target price of Rs 640 per share. CLSA initiated coverage on Swiggy in the month of December and issued an ‘outperform’ call with a target price of Rs 708 per share.
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