Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Airbnb (ABNB) to $110 from $111 and keeps an Underweight rating on the shares. The firm notes the company has several early-stage growth bets, but none that can yet move the needle materially on a maturing core market accommodations base. Wells is seeing early signs of a pivot back into adding hotel supply, but says it is too early to evaluate the approach.
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