Morgan Stanley upgrade lifts Urban Company 18% despite ₹92cr loss
Business
Urban Company's stock jumped nearly 18% on Monday, thanks to a fresh upgrade from Morgan Stanley, which bumped its rating to "Overweight" and raised the target price from ₹128 to ₹165.
This boost came even though the company posted a first-quarter net loss of ₹92 crore, quite a turnaround from last year's ₹7 crore profit.
Urban Company Q1 orders 13.2 million
Morgan Stanley is upbeat about Urban Company's future, calling it a "potential re-rating candidate."
The company delivered 13.2 million orders in the first quarter, a massive 79% jump over last year, and brought in over 1.2 million new users, its biggest quarterly gain yet.
Even with losses in InstaHelp, operational numbers like adjusted EBITDA and revenue are climbing fast.