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Highlighting that ‘hyper growth meets hyper competition’, global brokerage firm Macquarie has raised its target price for Zomato to Rs 130 from an earlier Rs 100 while maintaining a bearish stance on the same with an ‘underperform’ rating.Macquarie stated that they revisited the fundamental building blocks of their growth and unit economics for Blinkit quick commerce business as well as Zomato’s core food delivery business.Based on this, the global brokerage firm cut its earnings estimates and noted downside risks to consensus but raised the target price on a lower discount rate assumption.Zomato shares have given multibagger returns of 113.7% in the last one year and have surged by 109.64% in the current year so far.Meanwhile, Zomato’s competitor Swiggy has debuted the bourses today at Rs 420, a premium of nearly 8% and has already attracted ratings from domestic and global brokerage firms like Macquarie and JM Financial.Macquarie has given a target price of Rs 325 for the stock along with an ‘underperform’ rating while JM Financial is bullish on the stock with a buy rating and a target price of Rs 470.Also read: Nifty Bank bids farewell to weekly expiries from today. So no more F&O losses?Zomato reported its Q2 results for FY25 earlier in October wherein it had missed the Street estimates. The bottomline zoomed nearly 389% YoY in the reporting period to Rs 176 crore from a year ago, but an ET Now Poll was expecting PAT to be around Rs 260 crore.Revenue from operations rose 68% year-on-year to Rs 4,799 crore in the reporting period.Post the results, various brokerages revised their ratings and target prices for the stock going up to Rs 325.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)