Zomato share price target (Image source: iStockphoto)
The food delivery giant’s stock Zomato On Thursday, Zomato shares surged over 4% to hit a new all-time high of Rs 284.35 on the Bombay Stock Exchange (BSE). The surge came after global brokerage firm UBS reiterated its “buy” rating on the stock, with an updated target price of Rs 320. UBS’s bullish outlook is based on optimism about Zomato’s growth trajectory.
At the time of filing the report, Zomato shares were trading at Rs 283, up 4.16% from the previous session. The stock’s 52-week high and 52-week low are Rs 284.35 and Rs 97.07 respectively.
UBS noted in its report that the food delivery industry has seen a monthly growth of around 2.5% for August 2024, when adjusted for the number of days. The ongoing competition between Zomato and rival Swiggy remains a “tug-of-war” dynamic, with UBS estimating Zomato’s gross merchandise value (GMV) to grow 7% QoQ in Q2 FY25.
Recently, JP Morgan raised its target price from Rs 208 to Rs 240, while maintaining an ‘overweight’ rating, highlighting Zomato’s role in driving rapid retail consumer transformation through its fast-paced commerce model. Zomato is expanding across metro cities after a successful launch in the National Capital Region (NCR).
According to BSE analytics, the stock has generated massive returns of 185.86 percent in the last one year and 351.52 percent in the last 2 years.
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