Analyst Confidence Rises for Global Business Travel Following Strong Performance

Global Business Travel US37890B1008

Market sentiment toward Global Business Travel (GBTG) is strengthening, buoyed by a series of positive analyst actions and robust quarterly results. The consensus view now firmly positions the corporate travel specialist as a favored pick.

In a significant vote of confidence, several major financial institutions have recently upgraded their outlook for the company. In early December 2025, Evercore ISI increased its price target to $12.00 from $10.00, maintaining an "Outperform" rating. This adjustment formally incorporates the recently finalized acquisition of CWT into their financial models. This move followed an earlier upgrade in November 2025 by Deutsche Bank, which raised its target to $11.00 and reaffirmed a "Buy" recommendation.

The current analyst consensus stands at "Strong Buy." The average 12-month price target is approximately $10.25, with estimates ranging from a low of $8.00 to a high of $12.00. Based on a share price of $7.92 as of December 7, this implies a potential upside exceeding 30%.

Quarterly Results Exceed Expectations

The optimistic stance is grounded in the company's impressive third-quarter 2025 earnings report, which surpassed analyst forecasts for both revenue and profit. Year-over-year revenue climbed 13% to $674 million, beating estimates by more than 9.5%. Earnings per share (EPS) came in at $0.0514, outperforming projections by over 20%.

A key metric, Total Transaction Value (TTV), surged 23% to $9.5 billion, a figure that already includes contributions from the CWT acquisition. Adjusted EBITDA also showed strength, improving by 9% to $128 million. Due to this powerful performance, management has raised its full-year 2025 guidance. The company now anticipates revenue growth of roughly 12% and adjusted EBITDA in the range of $523 million to $533 million. Looking ahead to 2026, significant revenue growth of 19% to 21% is projected.

Strategic Moves and Industry Tailwinds

Strategic developments are also shaping the investment thesis. The successful integration of CWT, a deal completed on September 2, 2025, is viewed as a central growth driver with meaningful synergy potential. Furthermore, Global Business Travel is currently evaluating a potential sale of the company, a strategic consideration prompted by competitive pressures and stock market uncertainties. American Express continues to hold a substantial 30% strategic stake.

The broader business travel industry remains resilient, providing a favorable backdrop. According to the Global Business Travel Association (GBTA), global spending in this sector is forecast to reach $1.64 trillion in 2025, up from $1.48 trillion in 2024. This growth is being driven by evolving trends, including personalized travel offerings, event-related travel, the application of Artificial Intelligence, and increasingly stringent sustainability requirements—factors that benefit agile, technology-adaptable companies like Global Business Travel.