In a report on March 4, the brokerage reiterated its ‘BUY’ rating for both companies, giving Swiggy a price target (PT) of INR 740 and Zomato a PT of INR 310
ICICI Securities observed that the share prices of both the companies have seen a correction of about 45% (Swiggy) and 30% (Zomato) over the past three months
ICICI Securities said that food delivery has continued to scale profitably over the last 2 year
Amid bearish investor sentiment that has dented valuations of foodtech majors Zomato and Swiggy by billions,…