Zomato saw its shares jump more than 4% this week following JPMorgan’s upgrade of its target price to ₹340, up from ₹208.
JPMorgan maintains an “Overweight” rating on Zomato, citing the company’s exceptional performance in changing retail consumer habits via its Quick Commerce (QC) business, especially with Blinkit. Zomato is expanding into metro areas after demonstrating its business strategy in the National Capital Region (NCR), which now accounts for 50% of Gross Order Value (GOV) and store count.
The company believes that as more Blinkit outlets generate positive daily sales, the financial outlook will improve, allowing Blinkit to grow quickly and surpass its competitors.
Stock Performance on Friday
– Open: ₹255.00
– High: ₹262.15
– Low: ₹254.25
