MakeMyTrip (MMYT) Target Price Raised by Bank of America

Dec 30, 2024

Bank of America analyst Sachin Salgaonkar has increased the target price for MakeMyTrip (MMYT, Financial) from $119 to $130, maintaining a "buy" rating. The analyst notes that their channel checks indicate a strong seasonal trend in the travel industry during the third quarter. Bank of America expects India's largest online travel company to report robust data for this period.

Salgaonkar expresses confidence in MakeMyTrip's ability to capitalize on the growing travel demand, emphasizing the company's advantageous position in a market with limited competition. This scenario is expected to drive strong growth and margin expansion for MakeMyTrip.

Additionally, Salgaonkar highlights the company's recent announcement of a $150 million stock repurchase program, which is seen as a safety net for the stock price and may support MakeMyTrip's market valuation.

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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