BofA lowered the firm’s price target on Sabre to $3 from $4.50 and keeps a Neutral rating on the shares. The firm finds Q1 and FY24 guidance “undemanding,” noting that its estimates are 3.4% and 4.5% above guidance on revenues and 11% and 10% above EBITDA guidance, respectively. However, the firm lowered its outer year estimates and tweaked terminal growth to 0.5% from 1% previously, primarily driven by slower distribution growth in the long-term, leading to its decreased price target.
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