UPDATE: Morgan Stanley Downgrades MakeMyTrip Limited to Equal-Weight, Lowers PT

In a report published Wednesday, Morgan Stanley downgraded its rating on MakeMyTrip Limited MMYT from Overweight to Equal-Weight, and lowered its price target from $20.00 to $14.00. Morgan Stanley noted, “We believe MMYT has a strong long-term value proposition for the India market. Turbulence in the air segment (75% of revs) is likely to remain near term, with limited triggers for improvement. We are moving to EW and would wait for the operating environment to normalize in the air travel industry.” MakeMyTrip Limited closed on Tuesday at $12.58.