Morgan Stanley lowered the firm’s price target on Airbnb (ABNB) to $120 from $130 and keeps an Underweight rating on the shares. The firm views Airbnb and Booking Holdings (BKNG) as set to grow their respective room nights at “essentially the same rate going forward,” with Airbnb’s strategy of expanding beyond its core markets taking time to drive faster overall growth given the size of the core and competitive dynamics. However, the “discrepancy” remains Airbnb’s growth-adjusted multiple, the analyst tells investors.
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Read More on ABNB:
- Airbnb’s Modest Outlook: Hold Rating Amid Growth Challenges and Expansion Uncertainties
- Airbnb price target lowered to $110 from $111 at Wells Fargo
- Airbnb price target raised to $130 from $120 at JPMorgan
- Airbnb price target raised to $105 from $104 at Barclays
- Airbnb’s Strong Growth Potential and Strategic Initiatives Drive Buy Rating