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Fly News Breaks for April 30, 2019
MMYT
Apr 30, 2019 | 07:04 EDT
BofA/Merrill analyst Sachin Salgaonkar double downgraded MakeMyTrip to Underperform from Buy and cut its price target to $25 citing weak fundamentals and unfavorable risk/reward. The analyst expects the Jet Airways grounding to negatively impact MakeMyTrip traffic volumes as ticket prices move up. Salgaonkar now expects EBITDA breakeven to be pushed to 7-8 quarters versus his previous estimate of four quarters.
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