Piper Sandler Slashes Airbnb Price Target By 21%

by Shivani Kumaresan, Benzinga Staff Writer

January 10, 2022 3:42 PM | 1 min read

Piper Sandler analyst Thomas Champion downgraded Airbnb Inc ABNB to Neutral from Overweight with a price target of $169, down from $215, suggesting a 5.7% upside.
While omicron headlines have "clouded the picture, the longer-duration trajectory remains one of steady recovery," Champion said.
The analyst expects travel in the U.S. in 2022 to look much closer to 219 levels than it did in 2020 and 2021.
Champion added while Airbnb remains a "top-tier asset," the stock's setup looks less favorable into 2022.
The analyst cited "elevated" Street expectations, valuation, and its "alternatives pure-play focus," which may be less desirable as travel normalizes, for the downgrade.
Price Action: ABNB shares are trading lower by 3.75% at $159.82 on the last check Monday.