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Business
Despite a bullish stock market, shares of food delivery giants Zomato and Swiggy are declining. Three different brokerage firms are bullish on both stocks.
Brokerage firms CLSA, JP Morgan, and Bernstein have issued reports on both stocks, indicating positive growth outlook and profitability.
CLSA has given a buy rating on Zomato, increasing the target from ₹370 to ₹400. JP Morgan has given a target of ₹340 and Bernstein ₹335.
On Thursday, January 16, 2025, Zomato's share closed at ₹243.85, a slight decline of 0.020%.
According to brokerage reports, Swiggy is benefiting from multiple growth drivers. Expanding dark stores will increase reach in new markets, impacting share performance.
CLSA has increased Swiggy's target price from ₹708 to ₹750. JP Morgan has given a target of ₹730 and Bernstein ₹635.
On Thursday, January 16, 2025, Swiggy's share also declined, closing at ₹485, down 0.47%.
Consult your market expert before making any investment.