Shares of Zomato Limited rose over 2% to ₹287 in morning trade on December 4 after brokerage firm CLSA reiterated its ‘outperform’ rating and increased its target price to ₹370, indicating a potential upside of over 32% from the last close of ₹280 on the NSE. The stock has surged 131% year-to-date.
Brokerage Insights
- CLSA: Highlighted strong growth levers for Zomato, driven by robust performance in food delivery and quick commerce. Noted Zomato’s Blinkit reported a 122% YoY growth in gross order value (GOV), outperforming Swiggy’s Instamart, which grew 76%. Food delivery GOV for Zomato rose 21% YoY, outpacing Swiggy’s 15%.
- Morgan Stanley: Maintained ‘Overweight’ with a target price of ₹355. Cited expanding total addressable markets (TAM) and Blinkit’s strong performance as key growth drivers. Believes Zomato’s leadership in both food delivery and quick commerce positions it well for future growth.
The recent analysis from both CLSA and Morgan Stanley highlights Zomato’s ability to capitalize on growing demand across segments, reinforcing positive sentiment among investors.
Zomato Share Price history
| Day | Open | Close | Change % |
|---|---|---|---|
|
Tue, Dec 3 2024
|
₹279.70
|
₹279.85
|
-0.94%
|
|
Mon, Dec 2 2024
|
₹281.90
|
₹282.50
|
|
|
Fri, Nov 29 2024
|
₹285.00
|
₹279.76
|
-2.23%
|
|
Thu, Nov 28 2024
|
₹285.60
|
₹286.13
|
|
|
Wed, Nov 27 2024
|
₹281.00
|
₹284.72
|
|
|
Tue, Nov 26 2024
|
₹273.80
|
₹280.11
|
|
|
Mon, Nov 25 2024
|
₹273.25
|
₹273.31
|
|
|
Fri, Nov 22 2024
|
₹266.80
|
₹264.20
|
-0.98%
|
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