Shares of Meesho, a value-focused e-commerce platform in India, jumped nearly 10% to ₹189.90 on the Bombay Stock Exchange (BSE) after JP Morgan initiated coverage with an 'Overweight' rating and a target price of ₹215. The US-based brokerage highlighted Meesho's potential to build India's first discovery-led marketplace, projecting a 23% compound annual growth rate (CAGR) in net merchandise value (NMV) from FY26 to FY31. JP Morgan expects significant improvements in EBITDA margins, forecasting a rise to 4% by FY31 from negative 3% in FY26, driven by under-monetized advertising take rates. The report also noted that Meesho's annual transacting users are expected to grow from 199 million in FY25 to 265 million in FY26, representing a 33% year-on-year increase. However, the brokerage flagged risks such as competition from larger players like Amazon and potential logistics cost overruns that could impact growth.