<ul><li>Morgan Stanley reaffirms Zomato as top pick with Rs 320 price target, implying a 33% upside, despite 'overweight' rating on Swiggy.</li><li>Eternal's leadership in food delivery and quick commerce, cost structure, and balance sheet are highlighted as factors that set it apart from peers.</li><li>Morgan Stanley projects India's quick commerce market to reach $57 billion by 2030, raising Eternal's quick commerce gross order value assumptions.</li><li>Swiggy is projected to reach adjusted Ebitda break-even by fiscal 2028, with its food delivery business expected to grow at a 15.8% CAGR and quick commerce gross order value at a 63% CAGR from fiscal 2025 to 2029.</li></ul>

Zomato Vs Swiggy: Eternal Still Morgan Stanley's Top Pick Even As Swiggy Gets 'Overweight' Rating

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