Airbnb added to ‘Tactical Underperform’ list at Evercore ISI

Evercore ISI is making three tactical calls into the quarterly reports from the Internet Large Cap group, adding Expedia (EXPE) and Alphabet (GOOGL) to the firm’s “Tactical Outperform” list and adding Airbnb (ABNB) to the firm’s “Tactical Underperform” list. The “Tactical Underperform” call is based both on the company’s still premium multiple, AirDNA data that suggests “modest risk” to Q3 Street bookings and revenue estimates, the potential drag factor caused by recently imposed restrictions in Hawaii, and the potential for “a subdued bottom-line outlook,” says the analyst, who believes Airbnb will “likely print an In-Line and Bracket Q3:24.”