As previously reported, Nomura Instinet analyst Ashwin Mehta upgraded MakeMyTrip to Buy from Neutral following the stock having corrected by about 45% from its peak on concerns of possibly weaker air traffic growth and moderation of the company's Hotels & Packages growth. Mehta continues to believe break-even is likely in FY21, which is a year later than management indications, but is enthused by the rationalization of discounting visible in the firm's survey of hotels and signs of lower competitive intensity in H&P, the analyst tells investors. Mehta lowered the price target on MakeMyTrip shares to $31 from $35.