Swiggy share price poised for 20% upside? Axis Capital initiates coverage on stock, highlights competitive position

Stock Market Today: Shares of Swiggy climbed over 6 per cent on Monday, December 16 after the brokerage house Axis Capital initiated coverage on the new-age stock with a ‘Buy’ rating and a target price of ₹640, citing a 27 per cent valuation discount to peer Zomato as justified. The target price suggests a 20 per cent upside from the last close of ₹532.35.

Analysts at Axis Capital view Swiggy as a compelling investment opportunity, leveraging its strong position as India’s second-largest player in both quick commerce (q-com) and food delivery.