On Monday, BofA Securities adjusted its outlook on MakeMyTrip (NASDAQ:MMYT), increasing the price target on the company’s shares to $130.00 from the previous target of $119.00. The firm has maintained its Buy rating on the stock.
The revision in the price target reflects a detailed evaluation of the company’s prospects, despite a minor downward revision in the forecast for the fiscal year 2025 earnings per share (EPS), which fell by 2.2% due to non-cash translation impacts from the recent depreciation of the Indian Rupee against the U.S. Dollar.
The stock, currently trading near its 52-week high of $123, has delivered an impressive 143.78% return year-to-date, though InvestingPro analysis suggests the stock may be overvalued at current levels.
The analysts at BofA Securities have applied a discounted cash flow (DCF) analysis, which, after being rolled forward, supports the increased price objective. They have reaffirmed their confidence in MakeMyTrip, citing the company’s…
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