Zomato Shares Skyrocket After This Analyst's 'Buy' Call

Zomato share price went up over 6% on Tuesday becoming a top gainer in the Nifty 500 Index.

What Happened: Global analyst firm Citi assigned a ‘buy’ rating to the stock with a price target of ₹76 – around 35% upside from the last closing price of ₹56. The firm noted that the two food delivery giant Zomato and Swiggy have introduced monetisation in the dine-in segment. The firm said that the development is a positive in the medium term.

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Zomato has had a great last month at the bourses. Zomato share price is up close to 18% in the past month. Just this month, several other global analysts reiterated their bullish stance on the stock. Last week, UBS maintained its ‘buy’ rating for the stock with a price target of ₹80. Jefferies also maintained a ‘buy’ as it sees the Zomato share price going up to ₹100.

Domestic brokerage firms ICICI Securities and Motilal Oswal are also bullish on the stock. Both the firms in their have a ‘buy' rating. ICICI Securities has a price target of ₹65 on the stock, while Motilal Oswal has a target price of ₹70.

Price Action: Zomato’s share price was up 5.27% to trade at ₹58.95 shortly after the markets opened on Monday.

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