The Corporate Travel Management Ltd (ASX: CTD) share price has continued to push higher in recent weeks despite the many lockdowns across Australia.
Since this time last month, the corporate travel specialist's shares are up 5% to $21.63.
This means the Corporate Travel Management share price is now up 26% since the start of the year and trading within sight of its two-year high.
As a comparison, the Flight Centre Travel Group Ltd (ASX: FLT) share price and Webjet Limited (ASX: WEB) share price are down 7% and 1%, respectively, year to date.
Why is the Corporate Travel Management share price outperforming its peers?
The Corporate Travel Management share price has been outperforming its fellow travel bookers this year due to its focus on corporate travel.
This side of the market has been performing significantly better than the leisure market during the pandemic. In Australia, this is due largely to strong demand from the government and mining sectors. Whereas internationally, the reopening of economies has underpinned a rebound in business travel.
So much so, Corporate Travel Management broke even during March and was expecting to be profitable during the fourth quarter of FY 2021.
And while recent lockdowns may make this a bit more challenging, brokers remain positive on the company.
What are brokers saying?
A note out of UBS from the end of last month reveals that its analysts have retained their buy rating and lifted their price target on the company's shares to $24.00.
Based on the current Corporate Travel Management share price, this implies potential upside of 11% over the next 12 months.
It believes the successful rollout of vaccines in Europe and the US will support a rebound in their respective travel markets. In fact, UBS notes that agent bookings for domestic travel in the US are now higher than in 2019, with US business travel already at 50% to 55% of pre-pandemic levels.
It is also seeing similarly positive trends in Europe, with short-haul capacity at European airlines now at 80% of pre-pandemic levels.
In light of this, it appears to believe Corporate Travel Management shares are good value and could keep rising from here.
