Zomato’s stock price jumped 7.5% in early trading on Thursday, reaching ₹258.60 on the NSE as of 9:41 AM. The stock opened at ₹248.05 and hit a high of ₹261.60, significantly above its previous close of ₹242.85.
The surge comes after JPMorgan raised its price target on Zomato to ₹340 from ₹208, suggesting a potential 40% upside from the September 4 closing price. The investment firm maintains an “Overweight” rating on the stock.
JPMorgan’s analysis highlights Zomato’s role in driving rapid retail consumer transformation, particularly through its Quick Commerce (QC) business, Blinkit. The company is expanding its presence in metro cities beyond the National Capital Region (NCR), which currently accounts for 50% of Gross Order Value (GOV) and store count.
The investment firm expects this expansion to create additional monetization opportunities for Zomato through increased channel margins and advertising revenue.
As of 9:41 AM, Zomato’s stock was trading at ₹258.60, up 6.49% or ₹15.75 from its previous.
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