Airbnb Inc. (ABNB) PT Raised to $178 at Benchmark

(Updated - February 14, 2025 10:22 AM EST)

Benchmark analyst Daniel Kurnos raised the price target on Airbnb Inc. (NASDAQ: ABNB) to $178.00 (from $150.00) while maintaining a Buy rating.

The analyst commented, "With the summer release still 3 months away and new product launches plus investment in core capabilities highlighted on the last couple calls, we figured Airbnb (ABNB: Buy, PT from $150 to $178) would play it safe out of the gate, especially with all of the noise in the travel space in 1Q. Instead, the company came out swinging, putting up a monster 4Q (expected to a degree given peer reports), but also the first almost in-line 1Q guide even with the aforementioned noise. Furthermore, and most importantly, we really thought the margin range would be 33-35% to allow for investment flexibility. Instead, Airbnb promised a minimum of 34.5% margins for the year despite $200-250 million dedicated to launching and scaling new businesses. The real change, however, came as an increased willingness to act as a marketplace, with much more openness to partnerships rather than entirely 1P solutions. We think this, along with the ever-present future promise of an ad business, puts our take rate thesis firmly back on the table, which was core to our long-term initial view. We would not be surprised to see some of the after-market enthusiasm wane a little bit based on valuation, but we also think it is getting harder to argue that the floor has not risen."

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