UPDATE: Oppenheimer Maintains Outperform on MakeMyTrip; Lowers PT from $28 to $24

Oppenheimer maintained an Outperform rating on MakeMyTrip

and lowered its price target from $28 to $24. Oppenheimer wrote, “As we had previewed last week, MMYT's June-quarter results and outlook were impacted by FX headwinds and a slowdown in domestic air passenger demand due to capacity constraints and high airfares. While MMYT reiterated FY13 outlook on a CC basis, given the current INR rate of 55/USD, guidance was lowered to $99-102M from $103-106M. While hard to pinpoint when the turnaround in air capacity will occur, we believe capacity constraints seem to have bottomed and we could expect to see a gradual uptick in capacity going forward.” MakeMyTrip closed at $17.10 on Monday.