Zomato's stock increased by more than 4.61 per cent to trade above the all-time high following UBS's reaffirmation of a 'buy' rating with a target price of Rs 320.
After adjusting for the number of days, the brokerage reported that industry volumes increased by roughly 2.5 per cent in August 2024 on a monthly basis.
The stock price of Zomato went on to touch the life-high price of Rs 284.30 per share on the national stock exchange after opening at Rs 276.30 on the Indian exchanges.
The stock has recorded a 52-week and all-time high price of Rs 284.30 after breaching the previous life-time high price of Rs 280.90 per share on the Indian Stock Exchanges.
JP morgan increases price target
Since global JP Morgan increased its target price on the stock to Rs 340 from Rs 208 earlier, Zomato shares have experienced a significant rally. It increased its estimates by 15–41 percent for FY25–27, citing the online food aggregator as the driving force behind the swift and convenient retail consumer transformation through selection-focused quick commerce.
After proving the model in NCR, Zomato was expanding further across all Metros, and the brokerage added that its size should help it drive monetisation from channel margins and ad spending.
CLSA gives high price target
CLSA also increased its price target on Zomato from Rs 350 to Rs 353. Because of Blinkit's market share and the stock's quick growth, it continues to be the top choice among Indian consumers.
Stocks performance in past
Zomato shares were up 3.68 per cent at Rs 281.75 on the National Stock Exchange (NSE) at 12.25 p.m. This year, the multibagger stock has returned over 123 percent, surpassing the returns of the Nifty, which have only returned 14 percent.
The counter has increased by almost 179 per cent over the last 12 months, more than doubling the capital of investors. Nifty, on the other hand, increased by 28 per cent during this time.
