Some brokerages cut Zomato price target

Mumbai: Some brokerages have cut their price targets on food delivery platform Zomato's shares after the company reported weak results for the December quarter.

Zomato reported a consolidated net loss of ₹67.2 crore for the quarter, which narrowed from a consolidated net loss of ₹352.6 crore in the same period of the previous financial year.
Jefferies has cut its price target on Zomato to ₹120 from ₹175 while maintaining a buy rating. Credit Suisse has lowered target price to ₹120 from ₹185 while retaining an outperform rating. JM Financial has cut the target price to ₹155 from ₹180 while maintaining a buy stance.

Shares of Zomato fell 6.1% to ₹88.75 on Friday as a result of the weak results. "Zomato's third quarter FY22 gross order value (GOV) growth was weak, at just 1.5% quarter on quarter growth, and adjusted revenue was flat quarter on quarter, led by a decline in customer delivery charges," said Credit Suisse.