Zomato’s performance target optimistic about price hike
Business Business: Morgan Stanley is optimistic about the performance of grocery and fast food delivery company Zomato Limited. The brokerage firm expects the company’s performance to remain strong for the next three to four years. Morgan Stanley has raised its price target for Zomato. The reason for the price target increase is the strong performance of the fast trading segment. Morgan Stanley has given an overweight rating on Zomato stock. Morgan Stanley has set a price target of Rs 355 for Zomato. The current price target is 31.70% higher than Thursday’s closing price. The previous price target was Rs 278. It is worth noting that at the time of closing on Thursday, the company’s share price closed at Rs 269.60 with a gain of 4.27%.
Quickcommerce’s share in the Indian retail market is increasing, the brokerage firm said in a statement. In addition, the company will benefit from the successful implementation of fast food delivery and stores. The company’s profit and balance sheet may increase by 2030. At present, the size of the fast-growing business in India is $ 42 billion. It can reach $55 billion by 2030. The brokerage firm expects Zomato’s market share to remain at 40 per cent despite increasing competition.
The company’s share price has increased by more than 43% in the last six months. At the same time, this stock has increased by 116% since the beginning of 2024. It is worth noting that the highest price of this company in the last 52 weeks was Rs 298.20 on BSE. At the same time, the 52-week low of the company is Rs 112.50. The market capitalization of this company is Rs 2.38 billion.
