Shares of Zomato increased by 3% following JPMorgan’s upgrade of its target price to ₹340, up from ₹208. This new target suggests a potential 40% upside from the current trading price of ₹242 on the NSE as of September 4.
JPMorgan has maintained an “Overweight” rating on Zomato, noting the company’s strong performance in transforming retail consumer habits through its Quick Commerce (QC) business, particularly with Blinkit. Zomato is expanding its presence in metro cities after proving its business model in the National Capital Region (NCR), which now contributes 50% to Gross Order Value (GOV) and store count.
The firm believes that as more Blinkit stores achieve positive daily sales, the financial outlook will improve, allowing Blinkit to scale up faster and outperform its competitors.
As of 9:15 AM today, Zomato shares were trading 2.74% higher at ₹249.50 on the NSE.