BofA Securities analysts increased their price target for MakeMyTrip (NASDAQ:MMYT) to $130 from $119, maintaining a Buy rating on the stock. The upward revision reflects confidence in the company’s solid business momentum and its ability to capitalize on a recovering travel market.
The analysts noted slight adjustments to earnings forecasts, with 2026-27 EPS estimates raised by 1.5-1.7% due to steady operational performance. However, 2025 EPS projections were lowered by 2.2%, primarily due to non-cash translation impacts stemming from the recent depreciation of the Indian rupee against the U.S. dollar. Rolling forward the discounted cash flow model contributed to the higher price target.
MakeMyTrip is well-positioned to benefit from the ongoing recovery in travel demand, supported by its strong market presence and relatively low competition in the sector. The company is also expected to achieve robust growth alongside margin expansion. Additionally, the recently announced $150 million share buyback provides a layer of downside protection for the stock, enhancing investor confidence.