Meesho: Why JM Financial calls it ‘Flagbearer’ of Indian e-commerce but recommends ‘Reduce’?

JM Financial has initiated coverage on Meesho. In its latest report on the newly listed e-commerce major, it views the company as the “flagbearer” of e-commerce democratisation for the Indian masses, yet it has a ‘Reduce’ call on the stock. The brokerage sees the stock price slipping to Rs 170 levels over the next 12 months, implying a downside of 1.8% from the current levels.