Zomato zooms 94% YTD, Morgan Stanley sees another 24% upside

Zomato share price: The Morgan Stanley AlphaWise survey carries out proprietary evidence research to validate investment theses on behalf of Morgan Stanley analysts.

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Zomato share price: Shares of Zomato, the food-delivery services platform, gained in Friday's session (November 24) after Morgan Stanley maintained an 'Overweight' stance with a target price of Rs 140. At the day's high, the stock touched levels of Rs 116, gaining 2.7 per cent over the previous close.

Further, an AlphaWise survey conducted by global brokerage Morgan Stanley on the start-up with regard to its quick delivery highlights that its TAM, or total addressable market, has been cutting across multiple categories. It also mentioned that the company showcases strong growth potential with room to take further shares from alternate channels.

Blinkit's leadership position in the grocery delivery segment has also been highlighted.

The recent target set by the global brokerage is the most optimistic, signifying an upside potential of 24 per cent from the previous close.

The Morgan Stanley AlphaWise survey carries out proprietary evidence research to validate investment theses on behalf of Morgan Stanley analysts.

Considering the listing made around two years ago at Rs 115 per share on the BSE, shares of the food aggregator are by and large trading flat.

Earlier, in its filing dated November 17, the company intimated about the investors' meeting that is scheduled for November 22–23 and November 29.

The stock of Zomato has been aggressively pocketed by FIIs, with their stake now standing at 54.72 per cent as of the quarter ending September.

Besides, Axis Long Term Equity Fund added a 1.33 per cent stake in the entity in the September quarter. Shares of Zomato on a YTD basis have galloped 94 per cent, while its one-year return is 82 per cent.

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