Could Zomato share price fall 44%? Macquarie say Yes. Here’s Why…

The brokerage firm, Macquarie Capital Securities maintains its ‘Underperform’ rating on Zomato with a share price target of Rs 130 per share. According to them, Zomato’s share price has a very limited margin of safety due to a substantial rise in competition in quick-commerce. This is instrumental in denting the consensus forecasts. The brokerage added that it regards Zomato as an efficient Q-com and food delivery platform but sees a 44% downside to the stock price.