Zomato stock rose 6% on Monday, setting a fresh 52-week high of Rs 280 on the BSE. The increase came after global brokerage firm UBS increased its target price for the online food delivery company from Rs 260 to Rs 320.
UBS has changed its projections for Zomato’s Gross Merchandise Value (GMV) in food delivery and quick commerce.
Following Zomato’s outstanding performance in the first quarter and its positive future outlook, the brokerage now predicts a 2-3% growth in GMV for food delivery and a significant 20-30% increase in quick commerce for the fiscal years 2026-2028.
With a target price of Rs 350 for Zomato, CLSA has set the highest among brokerage companies. Nomura and Bernstein have set targets of Rs 280 and Rs 275, respectively, while Motilal Oswal set its target at Rs 300.
As of 10:55 am, Zomato shares were trading 2.24% higher at Rs 270.36 on the NSE.
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