MakeMyTrip downgraded to Add from Buy at Axis Capital

Axis Capital analyst Manik Taneja downgraded MakeMyTrip to Add from Buy with a price target of $110, up from $90. While the company has continued to build on its lead over peers, there is increasing evidence of demand normalization from peer commentaries and industry data points, the analyst tells investors in a research note. The firm says this is likely to pause the “upgrade cycle” that has driven the stocks’ 150% rally over the past year.