Airbnb Has Room To Beat Expectations On FY24 Growth -- Market Talk

Dow Jones04-24

1012 ET - The analyst consensus on Airbnb's room night growth in FY24 was pulled down to 11% from 13% after the short-term rental platform provided 1Q guidance, leaving little downside risk for a company that has multiple levers in place to exceed the Street's views, Mizuho analysts say in a research note. Current estimates for seasonality in 3Q don't account for the incremental demand Airbnb could see from the Summer Olympics in Paris, the analysts say. Airbnb might also gain share this year as hotel prices could remain elevated due to staff shortages, they say, pointing out that staff salary growth in the hospitality industry this year is expected to outpace growth in hotels' average daily rates. The analysts upgrade Airbnb's stock to a buy from neutral and raise price target to $200 from $150. (dean.seal@wsj.com)

(END) Dow Jones Newswires

April 24, 2024 10:12 ET (14:12 GMT)

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Airbnb might also gain share this year as hotel prices could remain elevated due to staff shortages, they say, pointing out that staff salary growth in the hospitality industry this year is expected to outpace growth in hotels' average daily rates. The analysts upgrade Airbnb's stock to a buy from neutral and raise price target to $200 from $150. 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