India's Swiggy rises after UBS initiates coverage at 'buy'
** Shares of online food delivery co Swiggy SWIG.NS rise 3.2% to 444.4 rupees after UBS initiates stock coverage at "buy"
** While the co lost food delivery market share to Zomato ZOMT.NS in 2023 due to slower expansion in Tier 2 cities, UBS evidence lab data shows signs of market share stabilization - brokerage
** After losing quick-commerce market share to Zepto and Zomato's Blinkit, co has made changes to its infrastructure, with its dark stores becoming bigger and denser - UBS
** Brokerage sets PT of 515 rupees, an upside of 19.5% to co's stock price, as of last close
** UBS estimates co's gross merchandise value (GMV) and revenue CAGR could grow by 35% and 29% over FY24-27
** Stock sheds 2.6% in value since trading debut on Nov 13 when it ended 17% higher
Reporting by Ananta Agarwal in Bengaluru
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