Evercore ISI analyst Duane Pfennigwerth initiated coverage of Amex GBT with an Outperform rating and $8 price target. Amex GBT is the leading business to business travel management platform, providing software and services to manage travel and expenses for corporations, Pfennigwerth tells investors in a research note. The analyst says the company has leverage to a recovery in business travel transaction volume. Travel “friction” should be lower in 2023 as airline industry constraints ease and capacity normalizes, Pfennigwerth contends. He sees “multiple ways to win” for Amex GBT shares.
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