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’s rating is based on MakeMyTrip’s robust performance compared to its peers, particularly in terms of gross booking growth and market share. The company has shown a significant increase in flight segment volumes, surpassing competitors like Easy Trip Planners and Yatra, and maintaining a higher relative market share despite slight quarter-over-quarter fluctuations.
Additionally, MakeMyTrip has demonstrated strong growth in its hotel booking segment, accounting for a substantial portion of the total combined volumes among its peers. The company has also managed to steadily improve its profitability by maintaining high advertising and promotion spending levels, which supports its market presence and competitive position. Gaurav Rateria believes that MakeMyTrip’s stronger balance sheet compared to its competitors provides a strategic advantage, enabling it to sustain its market share and profitability amidst rising competition in the industry.
Based on the recent corporate insider activity of 29 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.