Zomato shares surge ahead of Oct-Dec earnings, CLSA sees 42% upside potential
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CLSA Asia-Pacific Markets gave a Buy rating for Zomato with a target price of Rs 70.
Shares of Zomato surged sharply on February 8 as investors bet on hopes of improved earnings by the company ahead of the release of its quarterly results for October-December, due on February 9.
Adding to that, global research and broking firm CLSA Asia-Pacific Markets’ positive growth outlook and expectations of a strong upside potential in the stock also lifted investor sentiment.
At 10.08am, shares of the food delivery company traded 6.08 percent higher at Rs 52.35 on the National Stock Exchange.
CLSA Asia-Pacific Markets raised Zomato’s earnings estimates for the next two financial years by 4-8 percent due to the company’s improved focus on profitability.
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