Airbnb downgraded to Hold from Buy at Jefferies

Jefferies analyst John Colantuoni downgraded Airbnb to Hold from Buy with a price target of $140, down from $155. A recent slowdown in bookings increases risk of downside to consensus estimates, making the story more reliant on potential take rate expansion, the analyst tells investors in a research note. The firm’s analysis suggests Airbnb’s monetization opportunity is largely priced into the shares, underscored by the stock’s 65% valuation premium to internet peers despite in-line EBITDA growth. Jefferies believes slowing nights growth and worsening average daily rate trends increase risk of downside to consensus estimates for Airbnb.