Fri Sep 20 11:39:22 UTC 2024: ## MakeMyTrip Hits 52-Week High on Strong Earnings and Analyst Optimism
**New Delhi, India** – Shares of online travel giant MakeMyTrip Limited (MMYT) surged to a new 52-week high on Wednesday, reaching $106.63 before closing at $106.45. The stock’s strong performance comes on the back of impressive quarterly earnings and bullish analyst sentiment.
The company reported a strong second-quarter earnings report on July 23rd, exceeding analyst expectations on both earnings per share and revenue. MakeMyTrip posted $0.32 EPS, beating the consensus estimate by $0.23, and generated revenue of $254.52 million, surpassing the projected $231.85 million.
Analysts remain optimistic about the company’s future prospects. Bank of America raised its price target on MakeMyTrip from $100.00 to $112.00 and reiterated a “buy” rating, while Citigroup increased its target to $115.00 and also maintained a “buy” rating. StockNews.com upgraded its rating from “sell” to “hold,” further signaling a positive outlook for the company.
Institutional investors are also showing increased confidence in MakeMyTrip. Several firms, including Driehaus Capital Management LLC, Susquehanna Fundamental Investments LLC, Marshall Wace LLP, EverSource Wealth Advisors LLC, and 1832 Asset Management L.P., have either increased their holdings or acquired new positions in the company during the second quarter.
MakeMyTrip operates across multiple segments, including air ticketing, hotels and packages, and bus ticketing. Its strong performance is attributed to its dominant position in the Indian travel market and its expanding reach in Southeast Asia and Latin America.
The company’s robust financial performance and positive outlook from analysts suggest that MakeMyTrip is well-positioned to continue its growth trajectory in the future.
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