Swiggy shares gained 3% after IIFL Securities initiated coverage with a ‘Buy’ rating and a target price of ₹535. As of 10:11 AM, the shares were trading 2.85% higher at Rs 375.80.
The brokerage expects Swiggy to post a robust revenue CAGR of 28% and turn PAT positive by FY28. IIFL also highlighted that Swiggy’s quick commerce segment (Qcomm) could offer asymmetric upside, adding further growth potential to the business.
Swiggy shares opened at ₹364.55 and touched a high of ₹377.40 during the session. The stock saw a low of ₹362.10 on the same day. Currently, the stock remains well below its 52-week high of ₹617.30 and above its 52-week low of ₹297.00.
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