UPDATE: Airbnb Inc. (ABNB) Metrics Impress But PT Cut to $180 at BofA Securities

May 14, 2021 6:30 AM EDT
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Price: $151.86 +1.46%

Rating Summary:
    15 Buy, 18 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 9 | New: 25
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(Updated - May 14, 2021 8:22 AM EDT)

BofA Securities analyst Justin Post lowered the price target on Airbnb Inc. (NASDAQ: ABNB) to $180.00 (from $190.00) while maintaining a Buy rating after the company reported 1Q Revenue/EBITDA of $887mn/($59mn), significantly above Street at $716mn/($382mn). Bookings at +3% vs. 2019 were slightly above expectations of +2%, a significant improvement vs. -31% in 4Q’20 and a strong beat vs. Street at -23%. Revenue take rate was 8.6% vs expectations of 7.3% as stays in the quarter were better than expected. Opex was below our estimates, impressive given bookings upside.

The analyst stated "April improved vs. March for both Nights booked GBV and we would expect accelerating 2Q bookings growth vs 2019 levels. Looking forward, Airbnb has strong growth prospects as Urban and then cross-border travel recovers. The company noted several positive trends that could continue post COVID, including longer stays and a growing percentage of bookings (now 24% vs 14% in 2019) for nontraditional travel. Street concerns on host supply may continue with hosts flattish y/y, but company noted that supply is increasing (by 30%) in high-demand non-urban areas."

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