Global Business Travel upgraded to Buy from Neutral at Citi

Citi analyst Peter Christiansen upgraded Global Business Travel to Buy from Neutral with a price target of $8, up from $7.50. The company’s execution has been solid for multiple quarters and Citi expects more of the same in fiscal 2024, the analyst tells investors in a research note. The firm sees EBITDA margin expansion and sharply rising free cash flow conversion arising from improved operating leverage, continued synergy execution, key investments towards value-added content, digital, and cost to serve optimization. It recommends buying the shares ahead of a “profit inflection.”