Delhivery: UBS Maintains 'Buy' Rating, Sees 43% Upside as Headwinds Recede

• UBS maintains 'buy' recommendation on Delhivery Ltd., setting a price target of ₹600.
• The price target implies a 43% upside potential from current levels, second-highest on the street.
• UBS believes past headwinds like quick commerce impact, Meesho insourcing, and PE competition are now behind.
• Expects Meesho's insourcing to reverse or stabilize due to profitability pressures.
• Notes private equity players lost money in e-commerce logistics, limiting future private capital.