Morgan Stanley analyst Gaurav Rateria maintained a Buy rating on Makemytrip (MMYT – Research Report) today and set a price target of $120.00.
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Gaurav Rateria has given his Buy rating due to a combination of factors surrounding MakeMyTrip’s market position and strategic initiatives. Despite the increase in competitive activity with the introduction of new players like Paytm in the hotel booking segment, Rateria views these developments as expansions in distribution channels rather than direct threats. This indicates confidence in MakeMyTrip’s established market presence and its ability to leverage partnerships to maintain growth.
Furthermore, Rateria highlights the fragmented nature of the hotel market, which requires significant investments and time for any new competitor to build a direct presence. This, coupled with MakeMyTrip’s existing affiliations and experience in managing such partnerships, suggests that the company is well-positioned to capitalize on market opportunities without facing immediate competitive pressures. Overall, the potential for MakeMyTrip to expand its reach and sustain its market leadership underpins the Buy rating.
In another report released on January 24, Bank of America Securities also assigned a Buy rating to the stock with a $130.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MMYT in relation to earlier this year.