Macquarie analyst Aditya Suresh upgraded MakeMyTrip (MMYT) to Outperform from Neutral with a $110 price target The company is raising $3.1B via a mix of primary share issuance and zero-coupon convertible notes, the analyst tells investors in a research note. The firm says the proceeds will be used to buy back a majority of Trip.com’s (TCOM) class B shareholding. Macquarie says MakeMyTrip’s basic share count will fall after this transaction. Following the deal, the firm sees a “bobets base case” for the shares, with gross booking value increasing and mild improvement in take-rates for both Air and Hotels.
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