Stock Groups

Airbnb Shares Down On Piper Sandler -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Sam Boughedda

Investing.com — Airbnb Inc (NASDAQ:) stock fell 8% in early Monday trading after a Piper Sandler analyst downgraded the shares. 

Thomas Champion, analyst at Airbnb, decreased the company’s rating from overweight to neutral and lowered its price target to $169 (from $215). 

The analyst stated in a research note that the downgrade was due to elevated Street expectations and current valuation. It may also be because it is a pure-play focused on travel, which might make the focus less attractive.

Champion stated to investors they had “launched ABNB with an overweight rating in Jan 2021 because this name offered a near-term benefit with alternative accommodation during the pandemic.” We believe ABNB also benefited from a long-term structural shift towards alternatives, and away traditional lodging.

However, ABNB is still considered a top-tier online asset that offers alternative accommodation and a leader in the field of travel. The firm feels it has been overvalued when compared to its peers. 

Champion’s remarks are different to John Colantuoni, a Jefferies analyst who took over coverage of Airbnb on Friday with a Buy rating. Colantuoni stated that he believes there is upside to the current consensus estimates.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most risky forms of investment.

[ad_2]