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Oppenheimer Reiterates an 'Outperform' on MakeMyTrip (MMYT); Updating Estimates Ahead of March Qtr

May 22, 2012 9:28 AM EDT Send to a Friend
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Price: $30.33 +0.20%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 43 | Down: 32 | New: 14
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Oppenheimer reiterates an 'Outperform' on MakeMyTrip (NASDAQ: MMYT) price target lowered from $32 to $28.

Analyst, Manish Hemrajani, said, "We are lowering our estimates for MMYT ahead of its March-quarter results largely on: 1) FX headwinds; 2) impact of inventory pullout by Jet Airways and Indigo Airlines; and 3) domestic airline pressures, which have reduced capacity due to supply-side constraints. We are consequently lowering our price target on MMYT shares, but reiterate our Outperform rating based on the: 1) long-term strong secular growth in India's travel sector; 2) strong momentum in H&P; 3) margin expansion; and 4) rising internet penetration levels. We believe MMYT’s business fundamentals remain strong. Its dominant position should help it to maintain and/or gain market share longer term."

"We now estimate March-quarter net revenue/EPS $20.7M/$0.06 from $22M/$0.08. Our FY13 estimates are now $109.6M/$0.39 vs. prior $118.2M/$0.49."

For an analyst ratings summary and ratings history on MakeMyTrip click here. For more ratings news on MakeMyTrip click here.

Shares of MakeMyTrip closed at $16.70 yesterday.




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