Foreign brokerage Jefferies downgraded Zomato to ‘Hold’ From ‘Buy’ with a reduced target price of ₹275, citing increased competition in quick commerce and concerns over profitability. The brokerage cut FY26-27 EBITDA estimates by 12-15%. While Bernstein remains optimistic with a ₹335 target, highlighting Zomato’s leadership in food delivery, Anand Rathi sees growth potential in Tier 2 and 3 cities through Blinkit’s expansion. Zomato’s future depends on maintaining market share amid rising competition.
