​Brokerages initiate coverage on Meesho, Swiggy, 3 other stocks with up to 48% upside. Do you own any?

A host of domestic and global brokerages have initiated coverage on select Indian stocks across sectors such as internet, and IT. Analysts are bullish on major names such as Swiggy, Meesho, and forecast strong upside from current market levels. Here is a list of 5 stocks on which brokerages initiated coverage.

International brokerage JP Morgan initiated coverage on the value-focused e-commerce platform with an 'Overweight' rating and a price target of Rs 215 (11% upside). The US-based brokerage stated that "Meesho is building India's first discovery-led marketplace that acts as a long tail ad network with embedded logistics for a fragmented retail market". JP Morgan expects the company's net merchandise value (NMV) to scale at a 23% compound annual growth rate (CAGR) over FY26-31 without "heroic" annual transacting user (ATU) targets.

Equirus initiated a ‘Buy’ rating on Swiggy Ltd, with a target price of Rs 390, implying an upside of about 48% from the current price of Rs 264. The company reported a net loss of Rs 800 crore for the fourth quarter of FY26, lower than the Rs 1,081 crore net loss reported in the corresponding quarter of the previous financial year.

JM Financial initiated coverage with a Buy call and TP of Rs 650, implying an upside of 16%. Customer relationships: Consistently strong NRR of 115% with an even higher expansion within its top 10 clients reflects strong customer retention. ii) Land-and-expand model: The company follows a land-and-expand strategy wherein customers initially onboard for loyalty program management (~90% of the revenue) and subsequently adopt adjacent offerings. iii) Proven acquisition playbook: Capillary’s platform-led acquisition strategy combined with disciplined execution and focus on payback underpins its ability to consistently transform acquisitions into scalable value creation engines.

JM Financial initiated coverage with Buy call and TP of Rs 180 (10% upside). ShadowFax is a direct proxy for India’s digital commerce growth with over-indexation to high-growth segments such as value commerce, Q-com and same-day/next-day deliveries. The company has demonstrated strong execution, navigated industry volatility with aplomb and thus emerged as the second-largest 3PL player in India. Its asset-light operating model combined with a modular technology platform enables efficient utilisation of delivery partners across multiple use cases, thereby supporting a superior RoCE trajectory.

Goldman Sachs initiated coverage on the counter with a Buy rating and a target price of Rs 1,065, implying an upside potential of around 22%. The Wall Street major initiated coverage on five metal stocks and said Shyam Metallics and Energy has a unique business model globally, with horizontal exposure across carbon steel, stainless steel and aluminium foil. It believes this diversified product mix broadens the earnings base and should help reduce margin volatility.