Oppenheimer Reiterates an 'Outperform' on MakeMyTrip (MMYT); Updating Estimates Ahead of March Qtr
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Price: $13.10 -0.98%
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Trade MMYT Now!
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, with a 52 week range of $16.00-$33.90.
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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, with a 52 week range of $16.00-$33.90.
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