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Zomato shares rally 8% as JPMorgan hikes target price to Rs 340

Economic Times

Economic Times · 2m

Zomato shares rally 8% as JPMorgan hikes target price to Rs 340

Zomato's stock price increased by 7.6% after JPMorgan raised its target price and maintained an overweight rating. The brokerage firm believes that Zomato is leading the rapid transformation of retail consumer behavior through its convenience-focused Quick Commerce model. Zomato's expansion across metros and its integration of core dining with a new ticketing service are expected to drive monetization. JPMorgan has also raised its forecasts for Zomato's future performance. The company reported strong financial results, with a substantial increase in consolidated net profit and revenue growth for its quick commerce arm. Zomato's shares have rallied significantly over the past year.

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