Zomato share price rises for sixth straight session to a record high. Here's why

Zomato share price: The share price of Zomato rose over one percent today (April 12) as the stock extended gains for the sixth straight session. Zomato shares gained 1.49% to a fresh record high of ₹199.75 apiece on the BSE. This comes after JM Financial raised the target price on the stock and said that it sees an upside potential of over 32%.

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Zomato share price: What JM Financial said on the stock?

JM Financial put a ‘Buy’ rating on the stock and raised Zomato share price target to ₹260 per share from ₹200 earlier. The brokerage cited a significant rise of Blinkit, Zomato's quick commerce business. JM Financial's three-year target price for Zomato stands at ₹400 per share.

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JM Financial's preferred picks continued to feature Zomato as it believes that the company is well-positioned to benefit from robust industry tailwinds for the hyperlocal delivery businesses, it said.

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“We value food delivery at ~50x Mar'26 pre-IND AS EV/EBITDA, a significant premium to leading listed QSRs as it is a diversified play on the organized food services industry, dependent neither on growth of a few players nor on changing consumer appetite for any cuisine and operates on a lean business model, with limited need for capex or working capital investments," JM Financial said in a report.