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Investing.com - Morgan Stanley has reiterated an Overweight rating on MakeMyTrip (NASDAQ:MMYT) with a price target of $118.00, maintaining its positive outlook despite recent share price weakness. According to InvestingPro data, analyst consensus remains strongly bullish with price targets ranging from $118 to $130, suggesting potential upside from current levels.
The travel company’s stock has underperformed recently, declining 9% from its peak levels in the past week compared to NASDAQ’s approximately 1% drop, according to Morgan Stanley’s analysis. The stock currently trades at $92.34, with a market capitalization of $8.8 billion and maintains impressive gross profit margins of 57.06%.
Despite industry data showing weakness in air traffic in India during the second quarter, Morgan Stanley projects MakeMyTrip could deliver strong adjusted revenue growth of 15% year-over-year in USD terms (approximately 18-19% in constant currency).
The firm also forecasts adjusted EBIT margin of 16.5% as a percentage of adjusted revenues in the second quarter, which it views as positive for the stock.
Morgan Stanley assigns an 80%+ probability to its bullish scenario, citing market share polarization within online travel agencies and MakeMyTrip’s profitability leadership as a market leader.
In other recent news, MakeMyTrip Limited reported a strong performance for the first quarter of 2025, with revenue rising by 7.8% year-on-year to $268.8 million. The company also experienced a substantial profit increase of 22.6%, reaching $25.8 million. Despite these positive earnings results, the stock experienced a minor decline in aftermarket trading. In addition to the earnings report, Goldman Sachs reiterated its Buy rating on MakeMyTrip stock, maintaining a price target of $123.00. The investment bank highlighted the recent underperformance as a potential entry point for investors. Goldman Sachs noted that the weakness in domestic air travel over the last two quarters contributed to the stock’s underperformance. However, it emphasized that domestic air travel accounts for less than 25% of MakeMyTrip’s revenues and an even smaller portion of its profits. These developments provide investors with recent insights into MakeMyTrip’s financial performance and market position.
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