UPDATE: Deutsche Bank Cuts PT to $19 on MakeMyTrip on FX Challenges

Deutsche Bank reduces its price target on MakeMyTrip MMYT from $25 to $19 as it reiterates its Buy rating on shares. Deutsche Bank says, "MakeMyTrip reported better than expected F4Q12 results on both the top and bottom line, driven by stronger than expected air take rates and strong core operating metrics. FY13 guidance, however, was softer than expected as the impact of a strong dollar ripples through the economy, driving jet fuel prices higher and increasing the cost of domestic and int'l vacations for Indians, reducing demand. We cut our ests and our PT goes from $25 to $19. We keep our rating at Buy, however, given compelling LT secular trends and support from MMYT's asset value as the leading OTA in India." MMYT closed at $15.55 on Thursday.