Zomato, Swiggy shares can jump up to 127%, says ICICI Securities

!Swiggy share price has the potential to more than double, while Zomato share price can jump nearly 40% from current levels, according to ICICI Securities’ latest report on these quick commerce stocks. Swiggy shares spiked as much as 7.72% to ₹351.60 apiece, while Zomato share price gained 3.42% to ₹229.65 apiece on the BSE Tuesday.

I Securities reiterated its ‘Buy’ rating on Swiggy shares with a target price of ₹740 per share, implying an upside potential of 127% from Monday’s closing price. As per its SoTP-based methodology, the food delivery segment is valued at ₹99,800 crore, while the quick commerce segment is valued at ₹42,800 crore and cash balance is ₹9,000 crore.