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UPDATE: Oppenheimer Upgrades MakeMyTrip to Outperform

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Oppenheimer is out with its report today on MakeMyTrip (NASDAQ: MMYT), upgrading MMYT from Perform to Outperform.

In a note to clients, Oppenheimer writes, "This morning we are upgrading MMYT, India's largest online travel agency, to Outperform from Perform and establishing a $32 price target. We believe the recent sell-off provides an attractive entry point for a play on a secular growth story and a proxy for the Indian travel sector. Our shift to a positive stance is based on strong secular growth in the travel sector in India, an exponential rise in Internet penetration levels, MMYT's first-mover advantage and market share gains in the airline sector, improving supply-side dynamics over the longer term for the hotel segment and multi-year margin expansion on strong revenue growth."

Shares of MMYT closed Friday at $23.08.

 

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Posted-In: makemytrip OppenheimerAnalyst Color Upgrades Analyst Ratings

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