UPDATE: Deutsche Bank Downgrades MakeMyTrip to Hold, Reiterates $19 PT

In a report published Friday, Deutsche Bank downgraded its rating on MakeMyTrip

to Hold, and reiterated its $19.00 price target. Deutsche Bank noted, “We see limited near-term upside to MakeMyTrip shares, following recent appreciation on news around FDI rule changes. This is the first of many steps necessary to restore the Indian air market to health. Fundamentally, however, the company continues to guide air take rates to decline, passenger air traffic continues to decline and the hospitality industry remains weak. Longer term, we view the company as well positioned to capture the shift to online hotel bookings where the company has the largest supply in India and should see rising take rates. We maintain our $19 per share target price.” MakeMyTrip closed on Thursday at $17.16.