Business
India's Zomato parent Eterrnal rises; JPM raises PT to Street high
India's Zomato parent Eterrnal rises; JPM raises PT to Street high
About this update from Eternal Limited
** Shares of Zomato parent Eternal NSE:ETERNAL rise 1.6% to 329.55 rupees** JP Morgan maintains conviction "Overweight", raises PT to Street-high of 390 rupees, per data compiled by LSEG** Says Blinkit can sustain higher growth for longer without expanding its break-even and absolute profit timelines, and expects it to prioritise market growth over profit maximization over the next two years** Notes that Blinkit's network has expanded to approximately 1,750 stores,1.6 times larger than Swiggy's NSE:SWIGGY Instamart and Zepto, marking its highest national lead to date** Adds, it is capturing the best customers at a time when peers fight over value seekers, which is helped by its higher basket size, lower subsidies, and better service levels ** Stock up ~19% YTD