Could Zomato share price fall 44%? Macquarie say Yes. Here’s Why… – Market News
The brokerage firm, Macquarie Capital Securities maintains its ‘Underperform’ rating on Zomato with a share price target of Rs 130 per share. According to them, Zomato’s share price has a very limited margin of safety due to a substantial rise in competition in quick-commerce. This is instrumental in denting the consensus forecasts. The brokerage added that it regards Zomato as an efficient Q-com and food delivery platform but sees a 44% downside to the stock price.
In June 2022, Macquarie gave the Underperform rating to Zomato, but soon changed it to Outperform. However, it has raised the target price from time to time, but majorly on the downside. Although, Zomato’s share price has beaten the target price for a year now.
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