Nuvama initiates coverage on Swiggy with ‘Buy’ rating, sets target at Rs 510 on strong food delivery momentum
Domestic brokerage Nuvama Institutional Equities has initiated coverage on food delivery and quick commerce major Swiggy with a ‘Buy’ rating and a target price of Rs 510, driven primarily by Swiggy’s scale and profitability in the Food Delivery business, which now outpaces Zomato’s growth, alongside early signs of improvement in its Quick Commerce (Q-com) vertical….