Brokerages expect better appetite for Zomato stock after strong Q1

Food aggregator Zomato’s share price surged almost 20 per cent and closed at Rs 55.60 per share on the BSE on Tuesday, a day after it reported strong revenue growth and narrowed its net loss. The stock price was frozen at the upper circuit with only buyers at the counter for almost the last two hours of trading.

The strong showing in the June 2022 quarter has also turned brokerages bullish on the stock, with most of them recommending “buy”. The target prices range between Rs 60 – 115. The average target price of Rs 89.13 indicates potential upside of 60 per cent from current levels.