Following last week’s second-quarter earnings report, a number of analysts have upgraded Airbnb’s (NASDAQ: ABNB) price target.
The company reported revenue of $1.34 billion, a 300% rise year over year and above the $1.26 billion expected. However, the holiday home rental firm also reported a loss of $0.11 per share.
However, the company did warn about expected volatility from the Covid-19 delta variant that is spreading globally.
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Since the report was released, several analysts have upgraded their price targets on the stock:
Last Friday, Wells Fargo analyst Brian Fitzgerald raised the firm’s price target on Airbnb to $210 from $200, keeping an Overweight rating. Fitzgerald said the continued momentum for long-term stays complemented the rebounding demand for short-term, cross-border stays. As a result, he believes that Airbnb remains best positioned to serve emerging demand trends of greater work flexibility and longer stays.
Bernie McTernan at Needham raised the firm’s Airbnb price target to $200 from $194, keeping a Buy rating. Despite the warning about slowness in bookings in July, there were better than expected metrics across the board. The analyst also noted that Airbnb saw its first growth in active listings in Q2 since the pandemic began.
On Tuesday this week, Citi analyst Jason Bazinet raised the firm’s price target on Airbnb to $152 from $149, keeping a Neutral rating following the Q2 results. The analyst said he sees limited upside from current levels.
On the flip side, Ronald Josey at JMP Securities lowered the firm’s price target on Airbnb shares to $180 from $190. Josey kept an Outperform rating on Airbnb’s stock. However, he said that his reduced price target accounts for increased volatility associated with Covid’s Delta variant.
Airbnb’s share price is currently trading at $141.91, down 1.37%.
Is Now a Good Time to Invest In Airbnb Shares?
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