Analysts at JM Financial Research have revised down their target price for Swiggy's shares to 400 from 460, citing concerns over Instamart's growth-profitability trade-off. They anticipate high operating losses for Instamart due to intense competition and take rate pressures. However, they remain positive on Swiggy's overall ability to leverage its cash for network growth and improved metrics, potentially transitioning to a first-party model for better margins and regulatory adherence.