Swiggy's stock gets a boost from CLSA, Motilal Oswal
Swiggy's stock is catching some attention—CLSA just gave it an "outperform" rating with a target price of ₹509, hinting at a possible 17% upside.
Motilal Oswal is even more upbeat, setting their target at ₹560 per share, which means Swiggy shares could climb as much as 28%.
Both firms are betting on Swiggy's quick commerce and food delivery businesses to drive growth.
Brokerages are largely bullish on Swiggy
Even though Swiggy shares were down slightly at ₹436.75 on September 9, 2024, they've jumped 47% in the last four months.
The stock is still well below its 52-week high of ₹617, but analysts expect things to pick up thanks to GST reforms and the festive season.
Nomura also likes what it sees—pointing out Swiggy's improving profits and low dilution risk—but warns that bigger economic challenges could slow things down.
Overall though, brokerages seem pretty optimistic about where Swiggy is headed next.