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Airbnb price target lowered to $120 from $130 at Morgan Stanley

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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