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Airbnb Faces 25% Price Target Cut As Travel Demand Pulls Back From Peak Levels

·1 min read
  • Tigress Research analyst Ivan Feinseth reiterated a Buy rating on the shares of Airbnb Inc (NASDAQ: ABNB) and lowered the price target to $160 from $214.

  • The cut in price target comes as the analyst regards that travel demand has pulled back from the highs.

  • Even though the company reported lower-than-expected gross volume bookings, Q2 results highlighted growth, profitability, and business confidence with its $2 billion share repurchase authorization.

  • Feinseth regards long-term stays of twenty-eight days or more continue to be Airbnb’s fastest-growing category, and it remains best positioned to accommodate long-term stays.

  • Also ReadJeff Bezos Double Dips On His Airbnb Play

  • The analyst flags rolling COVID-19 shutdowns and travel restrictions in China as well as a potential negative impact of the ongoing war in Ukraine and travel to Europe as potential risks.

  • Continued strength in Nights & Experiences Booked in North America, EMEA, and Latin America remains a major positive growth factor for the company.

  • Feinseth thinks the company’s investment initiatives in new technologies, cobranded buildings, branding opportunities, expanding partnerships with travel service providers, and increasing international expansion are all strong drivers of future growth.

  • Price Action: ABNB shares are trading lower by 2.47% at $101.16 on the last check Friday.

Latest Ratings for ABNB

Date

Firm

Action

From

To

Mar 2022

Deutsche Bank

Initiates Coverage On

Hold

Mar 2022

Tigress Financial

Maintains

Buy

Feb 2022

Citigroup

Maintains

Neutral

View More Analyst Ratings for ABNB

View the Latest Analyst Ratings

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