Street splits on Meesho: Citi buys the moat at Rs 210, Morgan Stanley stays cautious at Rs 190
Citi initiates Buy citing 264 mn transacting users, 950k sellers and a Rs 19 lakh cr TAM, modelling 27% NMV CAGR through FY29 on a Rs 41,000 cr FY26 base. Morgan Stanley stays Equal-weight but flags the Rs 202 cr Kirana Club deal — 4.1 mn retailers — as an option on B2B kirana commerce, with in-house Valmo already handling 50-55% of shipments.
Citi initiates Meesho with Buy and Rs 210 TP citing value-commerce moat, 264 mn users and Rs 19 lakh cr TAM. Morgan Stanley stays Equal-weight at Rs 190, sees Kirana Club acquisition opening B2B kirana commerce play.