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Investing.com - UBS downgraded Corporate Travel Management (ASX:CTD) (OTC:CTMLF) from Buy to Neutral while raising its price target to AUD16.70 from AUD13.55.
The rating change comes amid mixed signals in the corporate travel sector heading into the December 2025 half-year period, according to UBS. The firm noted that several companies including Delta, United Airlines, and GBTG have indicated corporate travel has not been as weak as initially feared by investors.
UBS observed that activity appears to have improved during June and July 2025, yet pointed to concerning commentary from Flight Centre (ASX:FLT) and Sabre (NASDAQ:SABR), which both reported declining activity across their corporate travel customers.
The downgrade follows a significant 38% increase in Corporate Travel Management’s share price since the company lowered its FY25 guidance on May 2.
UBS stated that while the company’s valuation "doesn’t look overly demanding" if business conditions are improving, the lack of "hard evidence around CTD’s direct customer base improving" prompted the more cautious stance.
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