** Corporate Travel Management CTD.AX reverses early gains to drop 1.3%; had gained as much as 1% earlier in the day

** UBS flags near-term uncertainty for global travel and a likely soft macro-backdrop in FY26

** Sees long-term opportunity in stock; upgrades to "buy" from "neutral"

** Says it's important to recognise co's strong new business win momentum, which has accelerated from transaction value (TTV) of A$1 bln ($645.5 mln) per annum to A$1.6 bln in FY25

** However, cuts near-term earnings forecast by 20% for FY25 and FY26; lowers PT to A$13.55 from A$17.60

** Stock loses 13.3% YTD

($1 = A$1.5492)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))