Airbnb Analysts Cut Their Forecasts After Q3 Results

Airbnb, Inc. ABNB reported better-than-expected third-quarter financial results, but issued weak fourth-quarter forecast.

Airbnb said third-quarter revenue increased 18% year-over-year to $3.4 billion, which beat the consensus estimate of $3.37 billion. The company reported quarterly earnings of $6.63 per share, which beat analyst estimates of $2.10 per share.

Airbnb sees fourth-quarter revenue in the range of $2.13 billion to $2.17 billion, as against a consensus of $2.18 billion.

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Airbnb shares fell 2.3% to trade at $116.69 on Thursday.

These analysts made changes to their price targets on Airbnb following earnings announcement.

• Needham cut the price target on Airbnb from $160 to $150. Needham analyst Bernie McTernan maintained a Buy rating.
• Wedbush lowered the price target on Airbnb from $145 to $135. Wedbush analyst Scott Devitt maintained a Neutral rating.
• Morgan Stanley slashed the price target on Airbnb from $110 to $105. Morgan Stanley analyst Brian Nowak maintained an Underweight rating.

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