UPDATE: Deutsche Bank Upgrades MakeMyTrip Limited to Buy, Raises PT on Multiple Positive Factors

In a report published Thursday, Deutsche Bank analyst Lloyd Walmsley upgraded the rating on

from Hold to Buy, and raised the price target from $27.00 to $38.00. In the report, Deutsche Bank noted, “We upgrade shares of MakeMyTrip from Hold to Buy reflecting (1) an improved backdrop in the core air segment, (2) an improving outlook for India in general, and travel in particular, and (3) the potential for mobile to become a leapfrogging technology for increasing Indian internet penetration, providing a strong tailwind for online travel bookings. The recent uptick in air traffic has boosted our confidence and sets the stage for more upside to estimates, on top of several strong quarters for MMYT of late. We increase our TP to $38 from $27. Buy.” MakeMyTrip Limited closed on Wednesday at $28.09.