** Macquarie downgrades rating on Australia's Corporate Travel Management CTD.AX to "underperform" from "neutral" and slashes its target price by 27% to A$11.50

** CTD on Friday withdrew its forecast for long-delayed fiscal 2025 earnings and said it would reverse 77.6 million pounds ($102.65 million) of revenue for the past three years linked to a UK customer

** Brokerage cites heightened uncertainty from ongoing forensic reviews and potential cash outflows tied to customer refunds

** Macquarie warns of downside risks to earnings from customer churn, weaker tender wins, and higher rectification costs

** Brokerage adds CTD could face ASX 200 removal if uncertainty persists

** Four of 15 analysts rate the stock "buy" or higher, 10 "hold" and one "sell" or lower; their median PT is A$14.90, according to data compiled by LSEG

** Stock has risen 21.3% this year, as of last close

($1 = 0.7560 pounds)

(Reporting by Roshan Thomas in Bengaluru; editing by Diane Craft)

((Roshan.Thomas@thomsonreuters.com;))