Sachin Salgaonkar, an analyst from Bank of America Securities, reiterated the Buy rating on Makemytrip. The associated price target was raised to $130.00.
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Sachin Salgaonkar has given his Buy rating due to a combination of factors that highlight Makemytrip’s strong performance and growth potential. The company reported a robust 16% year-over-year revenue growth in the first quarter, with notable increases in both air and hotel segments. Despite some temporary disruptions, management remains optimistic about the recovery trends in leisure destinations and anticipates high-teens to 20% growth in constant currency terms.
Furthermore, Makemytrip’s international segments have shown impressive growth, with international air revenue increasing by 27% and international hotels by 45% year-over-year. The company has maintained its market leadership, slightly increasing its domestic air market share. Additionally, Makemytrip’s strong cash position of $804 million provides opportunities for mergers and acquisitions, and management is open to further buybacks. These factors, combined with an adjusted EBIT margin guide of 1.8-2% for FY26, support the Buy rating.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $118.00 price target.
MMYT’s price has also changed slightly for the past six months – from $103.150 to $100.400, which is a -2.67% drop .