Analyst Gaurav Rateria of Morgan Stanley maintained a Buy rating on Makemytrip, retaining the price target of $118.00.
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Gaurav Rateria has given his Buy rating due to a combination of factors related to MakeMyTrip’s strategic advancements in AI technology. The company has introduced an upgraded version of its AI trip planning assistant, Myra, which now supports multi-modal and multi-lingual capabilities. This enhancement is seen as a significant step towards future-proofing the business and gaining a competitive advantage in the market.
MakeMyTrip’s new AI capabilities are expected to simplify the travel planning process, potentially accelerating the shift to online bookings by making it more accessible to users. The platform’s ability to offer personalized recommendations and handle complex queries sets it apart from competitors, many of whom lack the technological infrastructure or data richness that MakeMyTrip possesses. Furthermore, this move addresses investor concerns about potential disruptions from AI-enabled search platforms, reinforcing the company’s position in the online travel agency market.
In another report released on July 23, Citi also maintained a Buy rating on the stock with a $120.00 price target.
MMYT’s price has also changed moderately for the past six months – from $113.590 to $95.560, which is a -15.87% drop .