UPDATE: Oppenheimer Lowers PT to $20 on MakeMyTrip Limited on Latest Earnings Report

Oppenheimer reiterated its Outperform rating on MakeMyTrip Limited

but reduced its price target from $22 to $20. Oppenheimer commented, "Net revenue of $20.2M was below our recently cut $22.9M largely on lower transaction volumes and margins. FY13 net revenue outlook was cut to $89-91M from $99-102M. While it's hard to call the timing on a turnaround in passenger volumes, we estimate it to turn positive starting April 2013. Hotels continued their growth momentum up 47% YoY. Growth in transaction volume here was further bolstered by the Hotel Travel Group acquisition. Maintain Outperform but lowering PT to $20 from $22 on lowered expectations." MakeMyTrip Limited closed at $12.58 on Tuesday.