Bernstein analyst Alex Irving initiated coverage of Sabre with an Underperform rating and $4 price target. The company’s debt is too high, with interest costs exceeding EBITDA in 2023, and will continue to constrain Sabre’s ability to invest in development, which will worsen its competitive gap to larger peer Amadeus, the analyst tells investors in a research note. The firm says Sabre’s global distribution system business is facing rising competition and dilution of market share and margins.
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