Delhivery share price broke its two-day losing streak on Monday as the stock jumped up over 5% to hit an intraday high of ₹370.
What Happened: The surge in the stock comes today as several brokerages maintained a positive outlook on the stock. Kotak Institutional Equities maintained its ‘buy’ rating for the stock with a price target of ₹410.
The domestic brokerage firm noted the logistics company’s margin is expected to improve by 600 basis points over FY2022-26E. The firm also sees the company’s revenue CAGR to be around 22% over FY2023-26E.
Investec also maintained its ‘buy’ call on the stock with a price target of ₹415. The firm said that Delhivery outperforms its closest competitor by delivering around twice the number of parcels. The analysts also highlighted that over the past few years, Delhivery has witnessed a notable surge in market share, rising from 15% to a current standing of 22%.
Global research firm Jefferies also maintained its ‘buy’ rating for the stock with a price target of ₹570- an over 63% upside from the stock’s last closing price of ₹349.75. The firm noted that Delhivery acquisition of Spoton has expanded its presence beyond the B2C sector and is now making significant strides in the B2B space. The company is projected to achieve a break-even point in FY2025-26E.
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Price Action: Delhivery shares were up 4.39% to trade at ₹365.10 in the early hours of trading on Monday.
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