Meesho shares rise 2% as Citi initiates coverage with Buy rating. Here's why (opens original article in a new tab)

Citi initiates coverage on Meesho with a Buy rating, citing its strong position in India's e-commerce market and positive growth metrics. The brokerage sets a target price of Rs 210, reflecting 23% upside from current levels. Meesho's user base and seller network have grown significantly, with Citi forecasting strong revenue growth in the coming years.

• Citi initiates coverage on Meesho with a Buy rating and a target price of Rs 210, implying 23% upside from current levels.
• Meesho's user base grew 33% year-on-year to 264 million, and its seller base increased 87% to 950,000.
• Citi forecasts Meesho's NMV to reach Rs 85,400 crore in FY29 and Rs 99,200 crore in FY30, with adjusted EBITDA of Rs 1,830 crore and Rs 3,570 crore respectively.