Airbnb Inc. (ABNB) PT Raised to $140, Morgan Stanley Looking for Opportunity to Upgrade
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Morgan Stanley analyst Brian Nowak raised the price target on Airbnb Inc. (NASDAQ: ABNB) to $140.00 (from $125.00) noting 3 key points:
1) underlying booking trends speak to long term growth durability
2) supply dynamics improving… with room for greater utilization
3) faster than expected profitability improvements further BKNG vs ABNB long term margin debate
The analyst maintained an Equalweight rating on valuation, stating "We remain EW as ABNB's valuation still appears stretched in our view, although recent beats have compressed the multiple (ABNB now trading at ~34x '24 EBITDA vs ~37x previously). We continue to look for any material pullback as a buying opportunity."
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