After delivering 170% return in 1 year, this new-age stock may plummet up to 47%

Zomato share price, Zomato target price: After over 170 per cent gains in the new-age company Zomato, Macquarie has retained its 'underperform' call on the stock with a target of Rs 96. The suggested target implies a potential downside of 47 per cent.

At the last count, shares of the food delivery services provider traded lower by over 3 per cent at Rs 175, while at day's low it hit levels of Rs 171.25, a drag of over 5 per cent in comparison to the previous close.

The global brokerage has largely given this bearish target considering the rising competitive intensity amid multiple e-commerce platforms now foraying in the domain. It added that several e-retailers have come up with renewed ambitions in quick commerce. Though, it considers Blinkit as an efficient operator.

Despite the large potential TAM of India. retail, with rising competitive intensity, the brokerage continues to see downside to consensus estimates.

As per Trendlyne data (the stock analysis platform), the consensus recommendation from 26 analysts for Zomato  is a ‘buy’, with 17 of them signalling a strong buy. Furthermore, the average 1-year price target given on the platform for the stock is Rs 215, implying a possible upmove of up to 19 per cent.