Evercore ISI analyst Duane Pfennigwerth downgraded Global Business Travel Group Inc. (NYSE: GBTG) from Outperform to In Line with a price target of $9.50.

The analyst comments "Today, AmEx Global Business Travel announced it was being acquired by Long Lake Partners for $9.50 per share in cash, representing a 60% premium to the Friday closing price. With shares up 58% today we are lowering our rating to In Line from Outperform. Our colleague Kirk Materne, who leads Evercore ISI’s software equity research efforts, has been sifting through the software landscape as the market digests/ values significant potential AI-driven change. A recent update of his team’s Guilty Until Proven Durable series highlighted why vertically aligned software companies may be structurally advantaged as AI adoption matures. We see a lot of symmetry with that thesis in this outcome. ◼ Valuation. Total transaction value of ~$6.3b implies ~10.2x / 8.6x our ’26 / 27 estimates on EV/EBITDA vs. an average of ~7.2x / 6.2x YTD and 8.2x NTM historical 3-year average. ◼ 1Q26 results. The company also pre-announced 1Q26 results today, with Adj. EBITDA of $150m in line with prior guidance (24% of FY, FY guidance midpoint of $630m) on revenue ahead of prior guidance (+35% y/y vs. implied +31%). Total transaction value increased 54% y/y (including acquired CWT, which closed in 3Q25) on 41% transaction growth, while revenue yield declined ~90 b.p. y/y to 6.5%. ◼ Transaction is expected to close in 2H26."

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Shares of Global Business Travel Group Inc. closed at $5.93 yesterday.