Airbnb price target raised to $111 from $104 at Wells Fargo

Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Airbnb (ABNB) to $111 from $104 and keeps an Underweight rating on the shares. The firm struggles to see services and experiences businesses as more than modest ancillary businesses, aside from potential frequency benefits, on an $80B-plus bookings base. Wells sees higher returns from doubling down on growth opportunities in the core lodging business.