Swiggy contra view: Why JM Financial downgraded the stock to ‘sell’ despite strong Q1 results
Despite Swiggy reporting better-than-expected first quarter earnings and sharply narrowing losses, domestic brokerage JM Financial turned more cautious, downgrading the stock to Sell from Reduce.
With a target price of Rs 250 per share, analysts forecast over 15% downside from current market levels. The contrarian view comes after a host of international and Indian brokerages issued bullish calls on the counter following the Q1 print.
