Morgan Stanley has reaffirmed Eternal (Zomato) as a Top Pick, with an Overweight rating and a target price of ₹320.
The brokerage likes Eternal’s:
Market leadership in both Food Delivery and Quick Commerce
Superior cost structure that supports strong unit economics
Stronger balance sheet, limiting the risk of future equity dilution
Attractive risk-reward, with a likely valuation floor at ₹200–220
Disclaimer: The views and target prices mentioned in this article are as stated by Morgan Stanley. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
