Business
India's Swiggy gains as Morgan Stanley starts coverage with 'overweight'
India's Swiggy gains as Morgan Stanley starts coverage with 'overweight'
About this update from Eternal Limited
** India's Swiggy NSE:SWIGGY climbs 2% to 340 rupees** Morgan Stanley starts coverage on food and grocery delivery platform with "overweight", PT of 405 rupees** Says its rating is based on SWIG's improving execution in food delivery business and margin, catching up with Zomato-parent Eternal NSE:ETERNAL in food delivery** Brokerage adds SWIG's total addressable market (TAM) expanding in quick commerce with aggressive investments** MS estimates SWIG's TAM to rise to $57 bln by 2030, assuming co maintains its market share** Brokerage also maintains "overweight" on Eternal with PT of 320 rupees; stock up 1%** Morgan Stanley maintains ETEA as its "top pick" on co's market leadership in both food delivery and quick commerce, "superior" cost structure vs rivals and also a stronger balance sheet** YTD, SWIG down 37% vs ETEA's 12% decline