BofA Securities Reiterates Buy Rating on MakeMyTrip (MMYT)

BofA Securities analyst Sachin Salgaonkar reiterated a Buy rating and $60.00 price target on MakeMyTrip (NASDAQ: MMYT)

The analyst comments: “MMYT’s 4Q revenues grew 8% YoY, largely in-line with BofAe/consensus, but EBITDA came in 8-12% above ours/Street’s expectations. Margins expanded by 120bps QoQ to 16.6% led by superior cost control. Marketing expenses as % of gross bookings were at 5.2% (vs 5.6% in 3Q). 4Q constant currency YoY growth: 10.7% for air, 11.5% for hotels and 17.1% for bus. On West Asia conflict & macro related potential headwinds, mgmt in con-call said that they would likely see some impact on the growth trajectory in 1Q. However given this is usually a seasonally stronger quarter, MMYT is trying to dial up domestic travel offerings/provide increasing domestic travel options to customers. This would help capture travel demand or move from international to domestic to best extent possible. Post 4Q, we tweak our FY27/28E EPS on a low base; roll-forward DCF and keep PO unchanged at $60. Reiterate Buy rating as we continue to see MMYT as a beneficiary of travel momentum and market leadership.”

For an analyst ratings summary and ratings history on MakeMyTrip click here. For more ratings news on MakeMyTrip click here.

Shares of MakeMyTrip closed at $41.46 yesterday.

You May Also Be Interested In

• Tesla Crash Into Texas Home Now Under Federal Safety Probe - WSJ
• A.O. Smith executive chairman to retire, CEO to assume chairman role
• Lockheed Martin wins $83 million Army missile contract