Oppenheimer analyst Jed Kelly downgraded Yatra Online (YTRA) to Perform from Outperform and removed his prior $8 price target. The analyst sees a lack of near-term catalysts for the shares. The stock will likely be range-bound based on decelerating revenue trends, Kelly tells investors in a research note. The analyst forecasts fiscal 2020 marketing leverage of up 370 basis points year-over-year, which he calls "underwhelming" for an emerging market company growing revenue in the mid-teens. Further, this should also limit the narrative that Yatra's corporate segment is a differentiator to MakeMyTrip (MMYT), says Kelly.