Yatra Online (YTRA) PT Lowered to $3 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck lowered the price target on Yatra Online (NASDAQ: YTRA) to $3.00 (from $4.00) while maintaining a Buy rating.

The analyst commented: "Prior to the market open on February 11, Yatra Online, Inc. announced F3Q25 results, which included reported revenue of $27.5M, below our $29.8M estimate. The miss to our forecast reflects the ongoing headwinds in the B2C travel sector as air ticketing margins hit their lowest levels since 2020-2021. However, partially offsetting this weakness was continued strength in MICE, the company’s Meetings, Incentives, Conferences, and Exhibitions business, which drove a 65.8% year-over-year increase in Adjusted hotel & packages margin. The total addressable market for MICE services in India is believed to be as much as $10B, but remains highly fragmented, creating a unique opportunity for Yatra to continue to take market share. In addition, the company continues to be active in corporate travel, adding a record 50 new corporate customers during the quarter. While B2C margins are likely to be a headwind near term, we believe the company has powerful offsetting opportunities that should continue to drive revenue growth in FY25 and FY26. Last, the company continues to work with regulators in the relevant jurisdictions to address the legal and corporate structure, which, if simplified, could provide a meaningful catalyst for U.S.-listed YTRA shares, which continue to current trade at a meaningful discount to locally listed shares. As a challenging B2C market continues to weigh on investor opinion near term, we are lowering our price target to $3 from $4. However, we remain Buy-rated as we continue to see a favorable risk reward."

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