UPDATE: Piper Sandler Downgrades Airbnb Inc. (ABNB) to Neutral on Shift to Normalized Travel

Piper Sandler analyst Thomas Champion downgraded Airbnb Inc. (NASDAQ: ABNB) from Overweight to Neutral with a price target of $169.00 (from $215.00) for 3 reasons:

1) elevated Street expectations
2) valuation
3) the alternatives pure-play focus may be less desirable as travel normalizes

The analyst stated "We launched on ABNB with an Overweight rating in January 2021 thinking this name had a nearterm advantage with an alternative accommodation focus during the pandemic. We also thought ABNB benefited from a longer-term structural shift toward alternatives and away from traditional lodging. We still view ABNB to be a top-tier online travel asset and leader in alternative accommodations. This name has solid organic traffic and brand strength relative to peers. However, at ~44x ’23 EBITDA, shares are much more expensive than OTA peers and expectations fundamentally higher".

For an analyst ratings summary and ratings history on Airbnb Inc. click here. For more ratings news on Airbnb Inc. click here.

Shares of Airbnb Inc. closed at $166.05 yesterday.

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• GMR Airports Infrastructure (GMRI:IN) PT Raised to INR99 at ICICI Securities
• Honasa Consumer Ltd (HONASA:IN) PT Raised to INR720 at ICICI Securities