UPDATE: JP Morgan Initiates MakeMyTrip at Overweight with $20 PT on Winning Formula

JP Morgan initiated its coverage on MakeMyTrip

with an Overweight rating and a price target of $20. JP Morgan noted, "MakeMyTrip represents the best of several ingredients that make a fine trip: (a) dominant presence in the online travel segment, (b) ability to fashion a superior technology platform that defines the user experience at the front end and robust decision-oriented processes at the back end (through analytics and collaboration), (c) beneficially low customer acquisition costs, potentially tricky in a B2C technology industry normally seeing high cash burn, and (d) driving deeper into the higher-growth, higher-margin affordable holiday and packages (H&P) segments." MakeMyTrip closed at $14.46 on Tuesday.