MakeMyTrip Stock In Spotlight After BofA’s Price Target Revision: But Retail's Neutral

Shares of MakeMyTrip ($MMYT) were in the spotlight on Friday morning after the company received a price target revision from Bofa Securities on the back of growing travel demand. However, retail sentiment remained ‘neutral.’

Bofa analyst Sachin Salgaonkar raised the price target for MakeMyTrip from $119.00 to $130.00 with a ‘Buy’ rating, The Fly.com reported. The analyst reportedly has a positive outlook on the company's earnings potential and market position in the travel industry. Specifically, the roll forward of the company's discounted cash flow (DCF) analysis prompted the hike, Investing.com reported.

The company’s recent $150 million share buyback program also serves as a safety net for the stock price and offers support to the company’s market valuation.

MakeMyTrip stock has risen 2.32% in the past five days and is up 153% year-to-date.

Retail sentiment on Stocktwits was ‘neutral’ with message volumes leaning high, showing increased investor attention on the stock.

MMYT sentiment meter and message volumes on Dec 27th as of 9:15 am ET

Several commenters on Stocktwits, however, were bullish on the overall prospects for travel stocks.

MakeMyTrip offers air ticketing, hotels and packages, and rail tickets, among other ancillary travel services.  

The company is expected to report third-quarter earnings in January. Wall Street analysts expect $0.27 in earnings per share on estimated revenues of $264.99 million.

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