HSBC sees aggressive competition denting Zomato’s profitability, cuts target price
HSBC sees competition from Swiggy and slowing industry growth to further restrict profitability gains for Zomato in 2023. It said growth acceleration remains more critical now than anytime and all eyes should be on 2023 industry growth.Contrary to expectations, the global brokerage believes Blinkit business will continue to contribute more to Zomato’s valuation in 2023
