Truist downgrades Airbnb to Sell on ‘soft’ summer leisure trends

Truist analyst C. Patrick Scholes downgraded Airbnb (ABNB) to Sell from Hold with a price target of $106, down from $112. The firm believes “soft” summer leisure trends, both for the U.S. and Europe, are not being fully anticipated by analysts and Airbnb investors. The stock’s premium valuation multiple versus other “not too dissimilar asset-lite hospitality companies” such as Hilton (HLT) is fully deserved, the analyst tells investors in a research note. Truist believes Q3 RevPAR for the loading sector “increasingly looks to be a miss” versus current consensus expectations. The firm sees company 2025 RevPAR guides tracking towards the bottom-end of guided ranges.