On Wednesday, Goldman Sachs adjusted its price target for MakeMyTrip (NASDAQ:MMYT), increasing it to $88 from the previous $84, while sustaining a Buy rating on the stock. The firm’s analyst cited the company’s revenue growth, which slightly accelerated to 28% year-over-year in the fourth quarter, outperforming their estimate by 4%. The growth spanned all segments, including air travel, hotels, and bus services.
The analyst noted the growth was driven by robust travel demand, a shift towards online booking, and potential market share gains. These factors are expected to continue supporting the company’s performance going forward. The competitive landscape for MakeMyTrip is described as benign, and due to the company’s scale and the structure of the industry, significant changes in competition are considered unlikely.
Goldman Sachs has increased its revenue and adjusted EBITDA forecasts for MakeMyTrip by up to 2% and 3%, respectively. The firm projects a 22% compound annual growth…