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Airbnb ‘well-positioned’ but PhillipCapital cuts on recent stock price rise

2023.08.10 08:28


© Reuters. Airbnb (ABNB) ‘well-positioned’ but Phillips cuts on recent stock price rise

Airbnb (NASDAQ:) was cut to Accumulate from Buy with a new stock price target of $152, up from $143 at PhillipCapital on Thursday.

Following the company’s latest , analysts at the firm explained that ABNB’s first half of 2023 revenue/PATMI was within expectations, noting that there was seasonality weakness.

“In 2Q23, PATMI rose 71% YoY to US$650mn. We expect Airbnb to demonstrate strong profit growth in 2H23e supported by busy summer travel and higher operating leverage,” the firm wrote said in a note.

Airbnb shares are up more than 57% this year, and Phillip said the recent jump in the shares was a reason for the downgrade.

Despite the rating cut, PhillipCapital believes “Airbnb is well-positioned to benefit from shift towards alternative accommodations as it offers record levels of active listings on its platform, benefits from travelers looking for long-term stays, and is more family and group travel-friendly.”

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