Zomato's stock rises, JP Morgan increases target price
Zomato Stock: Today, the shares of food delivery app Zomato are trading with gains. International brokerage firm JP Morgan increased Zomato's share price target. After the news of an increase in the share price target, investors are showing interest in buying the company's shares. At the time of writing the news, Zomato's shares (Zomato share price) rose 5 percent.
Muskan
Follow Us
Shares of food delivery company Zomato are trading in gains today. The stock jumped 5 percent in early trade itself. Today Zomato's share opened at Rs 248, but after a short while the share rose 5 percent to Rs 254.40.
In fact, international brokerage firm JP Morgan increased the target price of Zomato's shares. After the new target price, investors started buying the stock.
Taking an upbeat view, JP Morgan has increased the estimate of the face value of Zomato shares. Morgan said that Zomato's quick commerce arm BlinkIt is quite bullish. It will keep Zomato in profit. JP Morgan said that in such a situation, the company's stock can climb 15 to 41 percent for FY 25-27.
Now, the brokerage firm has increased the share price target of Zomato to Rs 340 per share. Earlier, Morgan had given a target of Rs 208 per share. This stock is 40 percent higher than the last session. The brokerage said, the facility that BlinkIt is providing to its retail consumers is continuously increasing the consumers, that is, people like to buy retail goods from BlinkIt in quick commerce companies. In such a situation, Zomato's business will be positively affected.
