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Morgan Stanley has reiterated its 'Underweight' rating on Urban Company while slightly raising the target price to Rs 119 from Rs 117, following the company’s Q2FY26 results.

The performance for the quarter was broadly in line with expectations, with key operating metrics such as Net Transaction Value (NTV) and annual transacting users (ATU) coming in marginally ahead of estimates, the brokerage noted.

Notably, the core India consumer segment, excluding Insta, showed signs of growth acceleration. The management provided clarity on profitability outlook in both the near and medium term, highlighted breakeven progress in international markets, and emphasized

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