Deutsche Bank upgraded MakeMyTrip (NASDAQ: MMYT) from Hold to Buy with a price target of $38.00 (from $27.00).

Analyst Lloyd Walmsley said, "We upgrade shares of MakeMyTrip from Hold to Buy reflecting (1) an improved backdrop in the core air segment, (2) an improving outlook for India in general, and travel in particular, and (3) the potential for mobile to become a leapfrogging technology for increasing Indian internet penetration, providing a strong tailwind for online travel bookings. The recent uptick in air traffic has boosted our confidence and sets the stage for more upside to estimates, on top of several strong quarters for MMYT of late."

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Shares of MakeMyTrip closed at $28.09 yesterday.