Investing.com -- Truist upgraded Airbnb to Hold from Sell in a note to clients on Thursday following 4Q25 earnings in the lodging and leisure sector, citing resilient travel demand and improved earnings projections.

Analyst C. Patrick Scholes wrote that the firm’s 2026 adjusted EBITDA forecast rises slightly to $4.79 billion from $4.78 billion, while EPS is lifted to $5.03 from $4.93.

Truist also introduced its 2027 projections, expecting EBITDA of $5.37 billion and EPS of $5.96, setting a new price target of $129, up from $107.

Scholes noted the target “is based on a blended 20.0x multiple on our 2027E Adj EBITDA,” unchanged from the prior valuation approach. Airbnb currently trades at 24.9x/20.2x the 2026E/2027E adjusted EBITDA estimates, according to Truist.

The upgrade follows broader resilience and strength in travel, even amid the tensions in the Middle East.

On Wednesday, Bernstein analyst Richard Clarke observed that U.S. hotel performance “inflected in February to 4.3% growth, the fastest in more than one year,” with momentum “staying strong through March.”

He added that Asia-Pacific “also had a strong February,” while Europe “has held steady,” and online travel agencies are seeing volume growth in the high single digits to low double-digits range.

Scholes highlighted the company’s earnings growth potential, stating that 2027 metrics support the stock’s current valuation while leaving room for upside.