UBS starts India's Urban Company at 'buy', Street-high PT; shares jump
BUZZ-UBS starts India's Urban Company at 'buy', Street-high PT; shares jump ** Shares of home services platform Urban Company URBN.NS rise 5.6% to 153.8 rupees, highest level since early May
** UBS initiates coverage with "buy" rating and Street-high 180-rupee PT, implying ~24% upside from Thursday's close
** Brokerage says Urban Company is at forefront of India's rapidly growing online home-services market, with sharp acceleration in monthly active users
** Co's valuation does not fully reflect India's accelerating home-services growth; expects InstaHelp, its quick-service home-help offering, to break even earlier than co's target - UBS
** Says co has strong product-market fit, balance sheet, execution track record
** Adds competition from Snabbit and Pronto is intense, but co's strong balance sheet, supply head-start give it advantage
** Stock rated "hold" on avg by 7 analysts; median PT 137.5 rupees - data compiled by LSEG
** Stock up ~14% YTD
(Reporting by Aleef Jahan in Bengaluru)
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