Sabre downgraded to Underperform from Buy at BofA

BofA analyst Victor Cheng downgraded Sabre to Underperform from Buy with a price target of $7, down from $11. He is less bullish on recovery in 2023 and sees more downside potential in the stock given the company’s high leverage amid rising interest rates, Cheng tells investors. He now estimates 3% growth in airline IT and finds it challenging for Sabre to remain competitive given its liquidity concerns, deeper cost cuts and on-going IT transformation, he added.