Zomato Ltd.'s share price rose for a second consecutive session on Thursday, to hit its lifetime high after Bernstein said the stock was its top pick following an analysis of Swiggy and the Deepinder Goyal-led food delivery platform.
The report came in after Swiggy reported its earnings for the September quarter. The brokerage does not have Swiggy in its coverage.
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It has an 'outperform' on Zomato with target price of Rs 335, implying 20% potential upside.
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Citing Swiggy management it said that gross order value in food delivery for the industry is likely to grow at 18-22% annually, with steady state margins at 5%. "Relative market share was steady with Zomato at 57.6% share," it noted.
Swiggy's share also hit its highest since listing on Thursday with intraday gains of more than 11%. Since its closing price on listing day, the stock has gained 23.6%. During the same time, Zomato has added 17%.
Zomato Share Price Today
The scrip rose as much as 6.4% to Rs 304.65 apiece, the highest level. It pared gains to trade 5.9% higher at Rs 303.05 apiece, as of 11:45 a.m. This compares to a 0.5% decline in the NSE Nifty 50.
It has risen 144% on a year-to-date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 68.69.
Out of 26 analysts tracking the company, 24 maintain a 'buy' rating, and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 0.4%.
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