Bernstein Backs Swiggy, Eternal Amid AI Concerns, Sees Up to 60% Upside

• Bernstein reiterates 'Outperform' rating for Swiggy and Eternal despite recent stock declines.
• Price targets: Eternal at ₹370 (60% upside), Swiggy at ₹500.
• Brokerage believes AI apps will be incremental demand channels, not disintermediation risks for established players.
• Indian platforms are integrating AI across consumer-facing interfaces and backend operations.
• Bernstein remains constructive on Indian e-commerce, citing strong fundamentals and insulation from AI disruption.