UBS initiated coverage of Global Business Travel (GBTG) with a Buy rating and $11 price target The firm likes Global Business as a category leader that is 39% larger than its next biggest competitor and services 13% of managed business travel spend. The company should achieve its long-term adjusted EBITDA margin target of 25% by 2027 through cost discipline and automation, and the shares look attractive now given optionality around buybacks and the ongoing shift to managed travel, the analyst tells investors in a research note.
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