UPDATE: Deutsche Bank Reduces PT to $25 on MakeMyTrip

Deutsche Bank cuts its price target from $28 to $25 on MakeMyTrip

on reduced estimates, but reiterates Buy rating on shares, as the stock already reflects turbulence. Deutsche Bank notes, "We believe sharp declines in MMYT shares discount most of the near term challenges stemming from disruptions in the air industry, including lower airline capacity, higher prices, a slowing economy and the decision by IndiGo to pull its inventory from OTAs. As the next course of action is likely that MMYT reaches an agreement with airline partners, the gov't approves more FDI in the airline sector and recent rate cuts help the Indian economy, we think shares can rebound nicely." MMYT closed at $18.97 on Wednesday.