Business
Citi hikes PT on India's Eternal; stock hits record high
Citi hikes PT on India's Eternal; stock hits record high
About this update from Eternal Limited
** Citi Research raises PT on India's Eternal NSE:ETERNAL to 395 rupees from 320 rupees, implying ~16% upside to last close; keeps "buy"** Shares of Eternal, which owns Zomato and Blinkit, rises as much as 1.5% to a record high of 346.8 rupees** Citi says Blinkit's growth momentum "remains stellar" on user acquisition focus, continued investment in dark store expansion, adding new cities** Sees strong rise in app traffic in Q2 for Blinkit, driven by festive season in later part of quarter** Expects Blinkit's gross order value (GOV) to grow at 140% y/y in Q2 vs 106% for rival Swiggy's NSE:SWIGGY Instamart** Expects slight improvement in Zomato's food delivery growth on better traffic conversion, increase in investments** Estimates Zomato's Q2 GOV to grow at 18%** Eternal, Swiggy rated "buy" on avg, per data compiled by LSEG** YTD, ETEA up 24%, SWIG down ~21%