Shares of Zomato jump over 3% in early trade to Rs 104.10 against its previous close of Rs 100.75 after brokerage firm Morgan Stanley remains overweight on the stock with a target price of Rs 125. The brokerage believes that the share price will outperform in the next 60 days.
At 9:46 AM Zomato’s share price were 3.23% up at the spot price of ₹103.85
Shares of Zomato have surged nearly 75% so far this year. This is backed by the surprise in profitability by the company and growing core business. Morgan Stanley in its recent note says that the increase in platform fees has been well adopted across user base.
Furthermore, they believe that Q2 & Q3 results will address concerns around stagnation in Monthly Transacting Users growth.
