Jefferies Cautions Investors Ahead of Airbnb Inc's (ABNB) First Public Report
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Jefferies analyst Brent Thill reiterated a Buy rating and $170.00 price target on Airbnb Inc. (NASDAQ: ABNB) but cautioned investors ahead of results for the 1st quarter as a public company. ABNB reports on Feb 25th.
The analyst stated "As the best COVID play in travel, ABNB tends to move in the opposite direction of most other travel names and has gained 36% YTD vs. +5% for S&P 500 and +6% for NASDAQ. With the current setup, expectations seem elevated going into ABNB’s first print as a public company. And investors have no idea what metrics the company will disclose in its earnings release. Any real or perceived shortcomings in reported numbers could trigger a pull-back in the stock. Short interest is at 11.6% of float as of Jan 29 and is the third highest in our coverage universe. Valuation multiples of 233x 2022 EBITDA and 22.0x 2022 Revenue are the highest in our coverage universe (except for TTD trading at 26.3x 2022 Revenue) and well above the current averages for large-cap names under coverage (57.6x and 11.1x, respectively)."
Shares of Airbnb Inc. closed at $197.13 yesterday.
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