4 reasons why HSBC thinks Zomato is a great buy at the current levels

HSBC said, Zomato has seen an improvement in the market share it lost to Swiggy, thanks to the launch of Zomato Gold

Zomato has lost over 9 per cent thus far in calendar year 2023 (CY23) and has underperformed the S&P BSE Sensex that has slipped nearly 5.3 per cent during this period. Despite this underperformance, analysts at HSBC think that the stock can hit Rs 87 going ahead – up over 64 per cent from the current levels.

The food delivery industry, wrote Yogesh Aggarwal and Abhishek Pathak of HSBC in a recent note, has slowed considerably in the last few months. The hyper-growth expectations of the Street have now been suppressed, they said, although the current muted growth is