Maxim Group Maintains a 'Buy' on MakeMyTrip (MMYT); Continued Opportunity on Fast-Growing Indian Travel Market

Maxim Group maintains a 'Buy' on MakeMyTrip (NASDAQ: MMYT) price target of $25.00.

Maxim analyst says, "We recently met with MMYT CEO, Deep Kalra and CFO Rajesh Magow. While management can sometimes be the last to know that the consumer is about to disappear, MMYT management appears to be confident about its growth rate for the quarter and its fiscal year revenue guidance of $86M - $89M for FY12 (March 2012) and highlighted that the Indian economy is still growing at 7.7% and that the substitution effect of offline to online is taking off. Management stated it continues to remain the most visited online travel website after IRCTC, which is the online railway ticketing website run by the Indian government. Further, MMYT has increased their market share for all airline passengers ticketing to an estimated 12.5% up from 11.5% in the prior quarter."

For more ratings news on MakeMyTrip click here and for the rating history of MakeMyTrip click here.

Shares of MakeMyTrip closed at $20.45 yesterday.

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