Zomato Share Price: The stock of food delivery and quick commerce company Zomato can give investors a return of 40 percent. Global brokerage house JP Morgan has increased the target price of the stock from Rs 208 to Rs 340. Due to this report of the brokerage house, the stock of Zomato closed at Rs 254.85 with a jump of 4.94 percent in the trading session of Thursday 5 September 2024.
JP Morgan has placed Zomato in the overweight category and raised the target price of the stock to Rs 340 by December 2025. The brokerage house has given credit for its bullish stance on the stock to the continued expansion of Blinkit, which is proving to be very successful in all metro cities after Delhi NCR. In its report, the brokerage house said, Blinkit will help in increasing margins as well as increase advertising revenue. According to JP Morgan, Blinkit is in a position to bring major changes in both modern trade and e-commerce.
Not only JP Morgan but another foreign brokerage house CLSA is also very bullish on Zomato’s stock. CLSA has given a target price of Rs 353 to the stock. Zomato is among CLSA’s top consumer picks due to the expansion of Blinkit and its growing market share and the brokerage house expects Blinkit to turn profitable in FY 2024-25.
Zomato’s stock has proved to be a multibagger stock for its shareholders. In the last eight months in the year 2024, the stock has jumped 106 percent. The stock has given a return of 160 percent in 3 years and 327 percent in 2 years. After slipping to the level of Rs 40.60 in July 2022, the stock has seen a tremendous rise. After the results of the first quarter of 2024-25, the stock had made a high of Rs 280.90.
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