Zomato Shares Can Jump 75% To Rs 115, Experts Bullish
JP Morgan has given a target price of Rs 115 to the shares of Zomato. That is, the company's shares can jump by 75 percent from the current stock. Shares of zomato closed at Rs 60.55 on Tuesday.
Shares of zomato have fallen more than 8 percent to Rs 60.55 on Tuesday. Shares of zomato have fallen by more than 14 percent in the last two days. However, brokerage house zomato is bullish on the shares. Foreign brokerage house JP Morgan has maintained an overweight rating on zomato shares even after the Blinkit deal. The brokerage firm has described this deal with zomato as an attractive strategic move.
JP Morgan has given a target price of Rs 115 to the shares of Zomato. That is, the company's shares can jump by 75 percent from the current stock. The brokerage house expects Zomato's revenues to jump 10%, 18%, and 19% respectively in FY23, FY24, and FY25. Food delivery platform zomato recently bought express delivery firm Blinkit (earlier known as Grofers) in an all-stock deal for Rs 4447 crore.
Shares of zomato have lost more than 57 percent so far this year. At the beginning of this year i.e. on january 3, 2022, Zomato's shares were at a level of Rs 141.35 on the National Stock Exchange (NSE). The company's shares closed at Rs 60.55 on NSE on 28 june 2022. In the last 6 months, Zomato's shares have fallen about 56 percent. The 52-week high of Zomato's shares is Rs 169. At the same time, the 52-week low-level of the company's shares is Rs 50.05.
