Zomato share: The share of food delivery aggregator Zomato Ltd (NSE: ZOMATO) is in focus on Thursday. The share of the company reached an intraday high of 261.50 rupees on Thursday.
There is a piece of positive news behind this rise in share. A brokerage firm has increased its price target for Zomato’s stock by 208 rupees to 340 rupees.
A brokerage company has assigned an “overweight” rating for the stock. Let us tell you that this is also the second highest target price of the stock on the street for Zomato Ltd after the second brokerage firm’s ₹ 353.
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What Is The Detail?
The brokerage firm stated in its report that Zomato Ltd is fast taking the lead in the transformation of the retail market with its ease of use and selection-focused fast commerce business that has an ambitious rollout plan.
Zomato Ltd’s fast commerce service Blinkit is now aiming for 22,000 dark stores by 2026. It is also profitable.
This brokerage company also noted in its report that the firm is exploring more of the major cities while proving the effectiveness of its model in NCR which is now responsible for 50% of its total purchase value as well as its store number.
The brokerage firm also anticipates the incremental store economy to be more favorable in the area of earnings before interest tax, depreciation, and amortization (EBITDA) front.
It gives Blinkit the ability to grow more quickly than competitors and the goals it has set for itself.
24 Experts Said – Buy
27 experts are a part of Zomato Ltd, 24 of them have given a buy rating, and 3 have suggested selling.
Zomato Ltd’s stock has climbed 106% so far in 2024, while the stock has risen 161% in 12 months.
Let us tell you that Zomato Ltd’s IPO came in the year 2021 at a price of ₹ 76. Since then, the stock has gained 250%.
Quick Fact
| Company name | Zomato |
|---|---|
| Stock rise news | Positive news |
| Intraday high | ₹ 261.50 |
| Brokerage firm target price | Possible ₹ 340 |
| Overweight rating | Yes |
| Second highest target | Possible ₹ 353 |
| Market focus | Retail transformation |
| Fast commerce business | Blinkit |
| Stock Rise in 2024 | 22,000 by 2026 |
| NCR contribution | 50% of purchase value & store count |
| Incremental store economy | Favorable for EBITDA |
| Expert recommendations | 24 buy, 3 sell |
| The stock rise in 12 months | 106% |
| Stock rise in 12 months | 161% |
| IPO price | ₹ 76 |
| Gain since IPO | 250% |
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