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New Stock Coverage: MakeMyTrip Set for an Indian Summer


Wall Street ratings agencies set the tone for today's stock market.

MakeMyTrip (NASDAQ:MMYT), an online travel outfit out of India, is a way to play that country's emerging leisure industry and aspirational middle class. The firm, founded in 2000, has returned investors an impressive 64.91% over the past 12 months. In recent weeks, Indian equities have risen to records amid the election of market-friendly Narendra Modi.
Investors enter the third day of the week freshly aware that bad news does indeed come in threes. Dow Industrials (INDEXDJX:.DJI), enduring their first decline in three sessions, dropped by triple digits to a three-week low after President Putin's third promise that Russia was withdrawing its 40,000 troops from Ukraine proved far from the charm. Shareholders threw the book at Barnes & Noble (NYSE:BKS), which nosedived 3.60%, but otherwise it paid to read a mighty tome. This, as Reed Hastings' beloved Netflix (NASDAQ:NFLX) surged an S&P 500 (INDEXSP:.INX)-high 1.97%, Reed Elsevier (NYSE:ENL) rose 1.25% to a record, and Home Depot (NYSE:HD) bested all blue chips with a 1.91% advance after its Chief Financial Officer Carol Tome said its May sales are "robust." With the World Cup less than one month away, Brazil's own GOL Linhas Aereas Inteligentes (NYSE:GOL) lost 3.73%, while The Cheesecake Factory (NASDAQ:CAKE) ended off 0.45% after inking an agreement in Asia. Meanwhile a multimillionaire soccer star threw a temper tantrum because he didn't get a birthday cake.
Today in economics, the Federal Open Market Committee releases minutes to its April 30 meeting at 2:00 p.m. EDT. On the earnings front, expect announcements out of American Eagle Outfitters (NYSE:AEO), Booz Allen Hamilton (NYSE:BAH), Lowe's (NYSE:LOW), PetSmart (NASDAQ:PETM), and Tiffany (NYSE:TIF).
Now let's turn to this morning's new stock coverage, a list that includes several big banks in addition to MakeMyTrip.

Ally Financial (NYSE:ALLY): Shares are initiated with a Perform at Sanford Bernstein, whose target price is $27.
Enable Midstream Partners (NYSE:ENBL): UBS launches Buy-rated research on the limited partnership. Its price objective is $27.
Financials: MKM Partners begins Buys on Bank of America (NYSE:BAC), Citigroup (NYSE:C), and JPMorgan (NYSE:JPM).
Liquid Holdings (NASDAQ:LIQD): Shares are established at Outperform by JMP Securities.
MakeMyTrip: Today's headline analyst initiation is begun with a Buy at Citigroup.

Also see:
Stock Upgrades: Nimble Storage Set for Quick Rebound

Stock Downgrades: Don't Go Bargain Hunting in Dick's Sporting Goods
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No positions in stocks mentioned.
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