Jefferies Expert Call Indicates Airbnb Inc. (ABNB) May Suffer From Post Pandemic Transition Back To Hotels
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Jefferies analyst John Colantuoni reiterated a Buy rating and $220.00 price target on Airbnb Inc. (NASDAQ: ABNB) after hosting an expert call that offered 6 key takeaways:
1) US leisure travel is expected to surpass '19 in '22, whereas biz travel by '24
2) LT stays are a permanent beneficiary of the pandemic
3) OTA channel likely continues gaining share over the LT
4) EXPE could be the travel co. to watch
5) Tripadvisor Plus may stumble w/o support from hotel chains
6) Google threat viewed as positive for OTAs
The analyst stated "long-term stays were growing faster than hotels in 2019 and that increased workflexibility resulting from the pandemic helped accelerate an ongoing shift. He believes demand for long-term stays has permanently increased, and that growth could continue to outpace traditional accommodations over the long-term. However, he sees a shift back to hotels causing near-term underperformance for long-term stays."
Shares of Airbnb Inc. closed at $154.69 yesterday.
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