CFRA Keeps Buy Opinion On Shares Of Airbnb, Inc
We cut our 12-month target price to $170 from $188, on an above-peer P/E of 32x our 2025 view. We lift our 2024 EPS view to $4.67 from $4.61 and cut 2025’s to $5.30 from $5.36. ABNB posted Q1 adj. EBITDA of $424M vs. $262M, beating the $326M consensus. Revenue rose 18%, underpinned by a 12% increase in GBV. Top-line strength was driven by a 10% rise in Nights/Experiences booked to $133M, reflecting sustained vigor in travel demand and the favorable timing of Easter. Revenue was further driven by higher take rates and steady supply growth of 17%. Geographically, performance was mixed, with NA and EMEA remaining stable, while Latin America and Asia Pacific exhibited strong bookings growth of 19% and 21%, respectively. Looking ahead, we anticipate a moderation in nights growth across the industry, but expect ABNB to gain market share through new offerings like Icons, Group Trips, and […]
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