Macquarie has increased its earnings per share (EPS) forecast for Corporate Travel Management (ASX:CTD) in response to the firm’s revised earnings guidance for fiscal 2023.

The brokerage firm’s EPS estimate for FY23 and FY24 has been lifted by 4.6% and 5% respectively, primarily influenced by an earnings revision in the Europe segment.

The travel management firm announced on July 26 that its second half underlying EBITDA will significantly exceed the first half of 2023’s result, which was reported at A$51.3 million.

The company also stated that its EBITDA in FY23 for the Europe segment will amount to over double the pro-forma FY19 levels.

Macquarie continues to rate the stock as ‘neutral’ and raises its target price by 3% to A$21.95 per share.

Shares in CTD dropped by up to 2.7% to A$10.070, marking their lowest value since July 26.

The stock has gained 40% this year, as recorded at its last closing price.

Corporate Travel Management (ASX:CTD) is a firm specializing in providing corporate travel solutions.