Zomato Q1 surprises Street. Is the worst over for this new-age stock?
BofA Securities maintained its buy rating on the stock with a target price of Rs 82. It said that Zomato had a stable quarter despite headwinds but the overhang from the lock-up expiry remains. “Q1FY23 revenue/EBITDA was better than expectations and adjusted EBITDA was breakeven in the food delivery segment with the focus on cost control clearly visible. The Zomato-Blinkit deal remains on track,” it said.
