MakeMyTrip placed on ‘positive catalyst watch’ at Citi

Citi placed MakeMyTrip (MMYT) on a “90-day positive catalyst watch.” The stock has corrected 15% during the Nasdaq correction last week, which is “overdone,” the analyst tells investors in a research note. The firm expects the company to post strong booking value growth across air and hotel reservations. It sees strength in travel demand, improvements in supply environment, and highlights MakeMyTrip’s sustained distribution strengths. Citi has a Buy rating on the stock with a $120 price target