Shares of Zomato Ltd. gained over 6% on Monday after UBS raised the target price while reiterating a 'buy' rating. The revised target price for the delivery platform has been raised to Rs 320 per share from Rs 260 apiece earlier, which implies an upside of 20% from Friday's close.
Adding to this, at least 1.51 million shares of the company changed hands in a block trade during the market opening, according to Bloomberg.
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Shares of Zomato rose as much as 6.23% to hit record high of Rs 280.9 apiece on the NSE. It was trading 3.43% higher at Rs 273.5 apiece, compared to a 0.23% advance in the benchmark Nifty 50 as of 9:36 a.m.
The stock has risen 204% in the last 12 months and 120% on a year-to-date basis. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 71.
Twenty-five out of the 28 analysts tracking the company have a 'buy' rating on the stock and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.7%.
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