Bernstein analyst Jignanshu Gor has maintained their bullish stance on SWIGGY stock, giving a Buy rating on October 30.
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Jignanshu Gor’s rating is based on Swiggy Limited’s strategic initiatives and financial positioning. The company has recently secured a significant amount of cash through a Qualified Institutional Placement, which is expected to support its growth plans and potentially turn its Instamart segment profitable. This financial maneuvering indicates a strong cash position that can be leveraged for future expansion and operational improvements.
Additionally, Swiggy’s Instamart, despite a slower expansion rate compared to competitors, is positioned in key market clusters where it holds a dominant position. The focus on enhancing operational metrics such as Orders Per Day Per Store suggests a strategic approach to improving efficiency and profitability. These factors combined provide a positive outlook on Swiggy’s ability to capitalize on market opportunities, justifying the Buy rating.
In another report released on October 30, J.P. Morgan also maintained a Buy rating on the stock with a INR520.00 price target.