5 internet stocks that ICICI Securities suggest buying ahead of Q4 results

ICICI Securities has a Buy call on Delhivery with a target price of Rs 425, which signals an upside potential of 28% from the current market prices.

"We estimate Delhivery’s revenue to grow 5.8% QoQ (-6.8% YoY) in Q4FY23E. We estimate Delhivery to deliver positive adjusted EBITDA in Q4FY23 for the first time since listing. This, in our view, could be a positive trigger for the stock," it said.

ICICI Securities has a Buy rating on IndiaMart with a target price of Rs 6,000, which signals an upside potential of 17% from the current market prices.

"We believe IndiaMART is likely to deliver a strong revenue growth trajectory over FY23-FY25E as it is a potential key beneficiary of the strong growth in B2B e-commerce expected over the next few years. The stock has already outperformed Nifty50 over the last year and, at current valuations, we still believe it is a Buy, given its likely growth prospects," it said.

ICICI Securities has a Buy rating on Just Dial with a target price of Rs 750, which implies an upside potential of 21% from the current market prices.

"Just Dial’s risk-reward skew is heavily in favour of the upside at current valuations, hence, sustained improvement in operating performance is likely to result in stock rerating from hereon. We believe these concerns are priced into the stock and current valuations at ~8x 1-year forward EV/EBITDA provide an attractive opportunity to Buy," it said.

Brokerage ICICI Securities has a Buy rating on Nazara Technologies with a target price of Rs 700, which indicates an upside potential of 27% from the current market prices."We have a Buy rating on Nazara Technologies given its strong revenue growth trajectory in the eSports business and gradual profitability improvement in gamified early learning (GEL). At current valuations, we believe risk-reward skew is compelling," it said.

ICICI Securities has a Buy recommendation on Zomato with a Target price of Rs 65, which signals an upside potential of 20% from the current market prices.

"We estimate Hyperpure business (B2B) to grow 26% QoQ and Blinkit to grow 30% QoQ led by an increase in geographical reach. Overall, we estimate adjusted revenue growth of 9.5% QoQ and 68% YoY and flattish consolidated EBITDA QoQ in Q4FY23E, indicating sustainable growth in new businesses," it said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)