Bank of America Securities analyst Sachin Salgaonkar reiterated a Buy rating on Makemytrip yesterday and set a price target of $60.00.
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Sachin Salgaonkar has given his Buy rating due to a combination of factors, including solid execution and resilient profitability despite a modest revenue slowdown. MakeMyTrip’s latest quarter showed revenue broadly in line with expectations, while EBITDA exceeded both the firm’s and the Street’s forecasts, supported by disciplined cost management and a notable improvement in margins.
At the same time, management is actively responding to potential headwinds from geopolitical tensions and macro uncertainty by pushing more domestic travel options and leveraging positive seasonal trends. Salgaonkar also underscores the company’s strong positioning in India’s travel market, its healthy cash generation, and his unchanged $60 price objective, which together support the view that MakeMyTrip remains a key beneficiary of ongoing travel demand.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $70.00 price target.