Zomato’s share price made a strong comeback on Friday morning halting its four-day losing streak.
What Happened: Shares of the food delivery giant are upbeat today as Morgan Stanley maintained an “overweight” rating for the stock with a price target of ₹140. The price indicates an around 21% upside from the stock’s last closing price of ₹112.95.
The global investment banking firm said that despite the strong run-up in Zomato’s share price this year, it still has some steam left. The firm expects the tech giant to continue steady performance in the food delivery vertical. It added that Zomato has a better reach and repeat user base than the competition.
See Also: Zomato, Swiggy Hit With ₹500 Cr Tax Bill Over Delivery Fees
The stock is also gaining strength as Jefferies’ global head of equity strategy, Christopher Wood, in his latest Greed & Fear newsletter said that the investment in Zomato was increased by 1 percentage point. The
The stock has been on a strong bull run this year. In the past six months, the stock has surged up over 70%.
Price Action: Zomato’s share price was up 1.95% to trade at ₹115.15 as the markets opened on Friday.
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