0358 GMT - Corporate Travel Management's bull at Morgans is taking advantage of share-price weakness stemming from the Australian travel agent's larger-than-expected guidance downgrade. Analyst Belinda Moore says that the A$30 million impact from a tariff-driven decline in customer activity was bigger than she had anticipated. She acknowledges the uncertainty over whether operating conditions will deteriorate before further improving but tells clients in a note that travel demand has always rebounded from downturns. Moore says she is buying the stock because CTM's earnings and share-price leverage to the eventual improvement will be material. Morgans cuts the target price by 14% to A$16.05 and keeps an add rating on the stock, which is down 1.9% at A$11.48. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 04, 2025 23:59 ET (03:59 GMT)
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