As previously reported, BofA initiated coverage of Global Business Travel (GBTG) with a Neutral rating and $6.50 price target. The majority of GBTG's calls are handled by live agents, even as AI-assisted servicing is being adopted gradually, notes the analyst, who thinks GBTG's legacy booking infrastructure increases vulnerability to fast growing tech-driven competitors such as Navan (NAVN). This potentially limits near-term operating leverage and multiple expansion, the analyst tells investors.
