UPDATE: Deutsche Bank Lowers PT on Make My Trip from $28 to $26

Deutsche Bank has published a report on Make My Trip

lowering the price target. In the report, Deutsche Bank wrote, "MakeMyTrip reported F1Q12 net revenues of $21.1mn, above our $20.9mn estimate (FC was $20.4mn) on better than expected gross bookings of $264mn versus our $253mn est. The strength in the quarter is notable given difficult YoY comparisons. Pro forma operating profit of $1.65mn came in above our $848k estimate and EBITDA of $2.22mn beat our $1.57mn estimate." Deutsche Bank rated Make My Trip a BUY with a price target lowered from $28.00 to $26.00. Make My Trip closed Wednesday at $17.46.