Zomato shares on winning run. Will the rally continue?
- Updated Thursday Mar 21 2024
Zomato shares on winning run. Will the rally continue?
In the past five trading sessions, Zomato shares have gained nearly 9 per cent, while they are up 71 per cent in the past six months. From the beginning of the year, Zomato shares have gained over 36 per cent.
Will the rally continue?
Multiple brokerages such as UBS and Jefferies have recently shared a positive outlook for Zomato’s stock.
Zomato was among Jefferies’ top 11 stock picks for the next five years. Jefferies' analysts expect the stock to either double or triple during the period.
It is worth noting that Jefferies called Zomato a “compelling food delivery play”. "As the franchise generates strong free cash flows, capital allocation will be a key factor to watch," the note said.
Another brokerage firm, UBS, recently reiterated it ‘buy’ call for Zomato with a target price of Rs 195.
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