Wedbush sees near-term trends more negative vs. current for Airbnb, Expedia

Wedbush analyst Scott Devitt says that based on the firm’s read of travel data quarter-to-date through September, lodging performance has been largely modest relative to expectations. In Wedbush’s view, near-term trends are more negative versus current estimates for Airbnb (ABNB) and Expedia (EXPE). International demand has fallen sharply, with European alternative accommodation growth turning negative thus far and trending below U.S. alternative lodging demand growth for the first quarter in over a year, the firm adds. Demand growth has weakened in Europe for Booking Holdings (BKNG) as well, Wedbush notes.