Eternal, Swiggy shares get price target hikes from UBS despite quick commerce competition

Eternal Ltd. and Swiggy Ltd., continue to emerge as beneficiaries of the quick commerce boom, despite the intense competition within the space, brokerage firm UBS wrote in a note on Tuesday, September 30.

UBS raised its price target to ₹400 for Eternal, which implies a potential upside of 22% from current levels, while for Swiggy, the brokerage has raised its price target to ₹580, which implies an upside potential of 39% from current levels.

UBS said India's quick commerce evolution is still surprising positively with both companies emerging as core beneficiaries.

While the brokerage thinks competition is intense, discounting looks broadly stable among the larger platforms, it said.

UBS has increased Eternal and Swiggy's quick commerce gross merchandise value estimates by 15-30% for the financial year 2027 - 2030 period, and also raised its segment EBITDA by 15% - 40% for the same period.

Swiggy recently approved the sale and transfer of its quick commerce business to an indirect step-down,

wholly-owned subsidiary through a slump sale.

Four analysts each, who have coverage on Eternal and Swiggy have a "sell" rating on the stock, while majority continue to maintain a "buy" recommendation.

Company	Buy	Hold	Sell
Eternal	29	0	4
Swiggy	21	2	4

Shares of Eternal and Swiggy were trading 0.5% up each around 12.15 pm on Tuesday. While Eternal shares have gained 17.9% this year, so far, Swiggy shares have declined 22.8%.

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