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Despite headwinds, Jefferies recommends buying Zomato stock. Here's why

With the sharp fall in its share price since listing, analysts at Jefferies suggest long-term investors 'buy' the stock

Despite headwinds, Jefferies recommends buying Zomato stock. Here’s why
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Worries of tightening by the US Federal Reserve are weighing on the profitless Internet names globally, analysts said.

Puneet Wadhwa New Delhi
Shares of Zomato have tanked nearly 23 per cent in the last two trading sessions after the one-year freeze on all its pre-IPO (initial public offering) shareholding ended. Despite the concerns surrounding the profitability of the company, the acquisition of Blinkit —which experts feel will only lengthen its road to profitability — and the sharp fall in its share price since listing, analysts at Jefferies suggest long-term investors 'buy' the stock. They maintain a price target of Rs 100 as their base case.

Worries of tightening by the US Federal Reserve are weighing on the profitless Internet names globally, analysts said.