​Analysts prefer Swiggy over Zomato for the long term; here’s why

Analysts remain bullish on the road ahead for Swiggy’s stock that debuted on the bourses on Wednesday. Global brokerage firm Macquarie remains highly optimistic and has set a price target of Rs 700 on the stock from a long-term perspective.

Macquarie said Swiggy has a clear path to catch up with leader Zomato in food delivery. The Swiggy stock made an impressive market debut, listing at Rs 412 on the BSE and Rs 420 on the National Stock Exchange, marking premiums of 5.64 per cent and 7.69 per cent, respectively, over the IPO issue price of Rs 390. By comparison, the Nifty and Sensex ended the day in the red.