Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Shares of Airbnb (NASDAQ: ABNB) are sliding on Monday despite the recent positivity from analysts regarding the stock.
Airbnb's stock price is currently down 7.44% at $130.72 following Friday's close at $141.20.
While some price targets have been lowered, several analysts have provided bullish analysis on the stock…
On Friday, Wells Fargo analyst Brian Fitzgerald upgraded the stock to Overweight from Equal Weight, setting a $200 price target. Fitzgerald told investors that Airbnb's Q1 results demonstrated its positive momentum exiting the pandemic, with the company set to benefit from secular demand shifts, increasing category familiarity/favourability, and shifts in workplace flexibility, which represent long-term tailwinds.
Meanwhile, Jefferies analyst Brent Thill said Airbnb “delivered another solid print,” beating expectations in several categories. He lowered his price target to $190 from $210 but kept a buy rating on the stock, saying it is “the best asset in travel”.
Brian Nowak at Morgan Stanley said the company is “gaining share at an accelerating pace,” stating that the company is growing considerably faster than its online travel agency competitors. Nowak also pointed to Airbnb's app redesign, new user retention trends, potential signals of customers blurring the lines between travel and remote working, and management's positive tone about long-term monetisation upside as reasons to be bullish.
Finally, Bank of America analyst Justin Post lowered Airbnb's price target to $180 from $190. However, he stated that it is “growing into its valuation,” but did note that he is cautious on high price to sales and that the current share price remains well above Airbnb's IPO price.
While many analysts have provided positive commentary on the stock, price targets have been lowered by several firms following its Q1 earnings report, with most noting either its current valuation or lockup expiration as a factor.
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