UPDATE: Oppenheimer Upgrades MakeMyTrip to Outperform

Oppenheimer is out with its report today on MakeMyTrip

, upgrading MMYT from Perform to Outperform. In a note to clients, Oppenheimer writes, "This morning we are upgrading MMYT, India's largest online travel agency, to Outperform from Perform and establishing a $32 price target. We believe the recent sell-off provides an attractive entry point for a play on a secular growth story and a proxy for the Indian travel sector. Our shift to a positive stance is based on strong secular growth in the travel sector in India, an exponential rise in Internet penetration levels, MMYT's first-mover advantage and market share gains in the airline sector, improving supply-side dynamics over the longer term for the hotel segment and multi-year margin expansion on strong revenue growth." Shares of MMYT closed Friday at $23.08.