Corporate Travel Management initiated with a Hold at Jefferies

Jefferies analyst John Campbell initiated coverage of Corporate Travel Management with a Hold rating and A$18.50 price target. Corporate Travel is an "unabashed roll-up in a fragmented space" and shorters have publicly attacked it previously for this reason, but "with little substance," the analyst tells investors. The company, the number four global player in corporate travel services, has "a strong long-term story" given the sector has good outsourcing potential at the SME end, said the analyst, who sees near-term downside risk given travel is highly macro-sensitive.