Zomato Stock Hits Record High as Analysts Predict Strong Growth
Zomato shares reached an all-time high on Thursday, buoyed by positive outlooks from major brokerages. Bernstein assigned an “outperform” rating, forecasting a 20 per cent upside with a target price of Rs 335.
Zomato Stock Hits Record High as Analysts Predict Strong Growth
Zomato shares reached an all-time high on Thursday, buoyed by positive outlooks from major brokerages. Bernstein assigned an “outperform” rating, forecasting a 20 per cent upside with a target price of Rs 335. The firm highlighted Zomato’s broader city presence and higher gross order value (GOV) per restaurant compared to Swiggy.
The stock opened at Rs 288.10, climbed over 5 per cent, and peaked at Rs 304.50, crossing Rs 300 for the first time. With 34.25 lakh shares traded on the BSE, the turnover stood at Rs 101.25 crore, pushing Zomato’s market cap to Rs 2.85 lakh crore.
Zomato shares have gained 353 per cent over two years and 154 per cent in the past year. The stock, trading above key moving averages, has shown low volatility with a beta of 0.7.
CLSA raised Zomato’s price target to Rs 370, citing its quick-commerce growth. Zomato’s Blinkit reported a 122% rise in GOV, outperforming Swiggy’s 76 per cent In food delivery, Zomato’s GOV grew 21 per cent YoY, ahead of Swiggy’s 15 per cent.
Morgan Stanley revised its price target to Rs 355, citing Zomato’s 40 per cent market share and robust execution in food delivery and quick commerce. It projects breakeven within two quarters and a $1 billion profit pool by 2030.
Analysts suggest profit booking as Zomato approaches Rs 298, citing resistance in this range. Despite this, the stock remains a preferred choice for long-term growth, reflecting its strong fundamentals.
