Citi analyst Gaurav Malhotra expects MakeMyTrip's competition to increase with media reports indicating online budget hotel aggregator Treebo Hotels has raised $34M in funding. He notes Treebo delisted all its inventory from MakeMyTrip and Ibibo in late March due to high commission being charged by both the platforms. The funding should raise competition in the budget hotel category, Malhotra tells investors in a research note. The analyst, however, believes MakeMyTrip's good execution should drive sustained sales growth regardless of the competition. He keeps a Buy rating on the shares with a $46 price target.