Citi opens Meesho at Buy, Rs 210 target; stock jumps 7%

Citi initiates coverage on Meesho with a Buy and Rs 210 target, implying 22% upside from Rs 172.35. The call leans on a marketplace-only model, deepening tier-2/3 reach, and a projected 27% GMV CAGR through FY29, valuing the stock at 50x FY29 EV/EBITDA.

— Source publishedTue, 23 Jun, 2026, 14:26 IST·First seen Tue, 23 Jun, 2026, 14:32 IST·Source Business Today · Latest

What happened

Meesho shares jumped 7% after Citi initiated coverage with a Buy and Rs 210 target, citing its marketplace-only model, tier-2/3 reach, and projected 27% GMV

Key facts

  • Rs 210 target
  • 22% upside
  • Rs 172.35 close
  • Rs 184.75 intraday
  • Rs 83,965 crore m-cap
  • 7% gain
  • 27% GMV CAGR FY26-FY29
  • 50x EV/EBITDA FY29

Why this matters

A fresh Rs 83,965 cr m-cap and bullish sell-side narrative strengthens Meesho's paper for tuck-in M&A in logistics, payments, or vertical commerce while raising the bar for any strategic suitor eyeing the asset.