Airbnb price target lowered to $100 from $134 at Wells Fargo

Wells Fargo lowered the firm’s price target on Airbnb (ABNB) to $100 from $134 and keeps an Underweight rating on the shares. While the market has never witnessed alternative accommodations in a “normal” cycle, the firm’s thesis is that the lower global penetration relative to hotels should enable modestly better trends for alternatives. Wells is cutting estimates.