Zomato shares experienced a nearly 1% increase in trading on Wednesday after HSBC Global Research analysts predicted the company would decline. Going forward, 87 represents a potential upside of 64% from current levels.
Zomato shares have lost more than 11% of their value so far this year, underperforming the S&P BSE Sensex. Although the stock has performed poorly, HSBC has kept the shares at a “Buy” recommendation.
Although the meal delivery sector has experienced a significant slowdown recently and may continue to do so in 4Q23, the brokerage anticipates Zomato to regain its market share.