Why Airbnb Shares Are Falling Today

Airbnb Inc ABNB is trading lower Monday following a downgrade from Piper Sandler. 

Piper Sandler analyst Thomas Champion downgraded Airbnb from an Overweight rating to a Neutral rating and lowered the price target from $215 to $169.

Champion cited elevated Street expectations and valuation concerns as reasons for the downgrade, according to reports from StreetInsider and The Fly. He also noted that Airbnb maintains an "alternatives pure-play focus," which may be less desirable as travel normalizes.

The Piper Sandler analyst expects U.S. travel in 2022 to look more like 2019 levels than it did in 2020 and 2021. Still, Airbnb faces a tough setup in 2022 amid high expectations and valuation concerns, according to Champion.

See Also: Why Take-Two Interactive Shares Are Sliding Today

ABNB Price Action: Airbnb has traded as low as $129.71 and as high as $219.94 over a 52-week period.

The stock was down 5.77% at $156.47 at time of publication.

Photo: courtesy of Airbnb.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: DowngradesPrice TargetAnalyst RatingsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!