MMYT - MakeMyTrip swings higher after Citigroup reaffirms Bullish stance on earnings beat

MakeMyTrip (NASDAQ:MMYT) rose 10% in early trading on Thursday after Citigroup raised the online travel company's price target to $43 from $42. In a research note, Citigroup's analyst Vijit Jain wrote the company has continued to retain market share in key travel segments and has a better cost structure with travel rapidly returning to pre-pandemic trends. The firm's Buy rating remain unchanged, citing the fourth quarter's earnings beat. MakeMyTrip's Q4 Non-GAAP EPS of $0.08 beats by $0.03.  On top-line, the company reported revenue of $88.6M (+11.9% Y/Y), down $9.9M from consensus mark. "Consumer sentiment remains strong especially for leisure travel and we hope to observe demand momentum for domestic travel by the first half of fiscal year 2023 and for international travel by the second half of fiscal year 2023," said Rajesh Magow, Group Chief Executive Officer. See the MMYT Wall Street Analysts Rating, MMYT Seeking Alpha Authors' Rating, and MMYT Quant Rating.

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MakeMyTrip swings higher after Citigroup reaffirms Bullish stance on earnings beat