KeyBanc downgraded Airbnb to Sector Weight from Overweight without a price target. The company’s margins have reached a near-term peak and its revenue growth could decelerate to 11% year-over-year in 2024 as room night and average daily rate growth moderates, the analyst tells investors in a research note. The firm’s new 2024 and 2025 EBITDA estimates are 8% and 5% below the Street, respectively. It believes this could create an overhang on shares as Airbnb “transitions from a growth to GARP investor base.”
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