Zomato halts its 7-day winning run after notching fresh high; brokerages continue to remain bullish

Zomato share price, Zomato target price: Shares of the food delivery services major Zomato marked a new high of Rs 286.5 fot the second consecutive day as brokerages continued to remain upbeat on the stock's outlook. Nonetheless, the stock halted its 6-day winning streak and slipped by as much 2.43 per cent to Rs 277 per share.

At around 12:26 pm, the stock traded lower by 2.18 per cent at Rs 277.7 per share.

After UBS continued with its buy rating on the stock, other global brokerages have reiterated their previous stance, suggesting bullishness on the stock.

Global brokerages on Zomato

Jefferies has reiterated its buy call on the stock with a target of Rs 335, implying upside of 18 per cent from the previous close.

Bernstein also continued with its 'outperform' rating on the stock and raised the target on the stock to Rs 330 from the earlier Rs 275. The brokerage held that the quick commerce (QC) economy continues to break all stereotypes

Tried to box QC - Only 'top up' not large baskets, Only Metros, not Tier 2 cities, Only rich, not middle class get revise. These assumptions get revised upwards every quarter, added the brokerage.

Bernstein added that Zomato remains at the center of the QC economy and it is a compelling product & all consumers are embracing it. Also, the brokerage said that at the current time is prioritizing long term leadership over short term profitability