B. Riley analyst Naved Khan last night initiated coverage of Airbnb with a Neutral rating and $150 price target. Airbnb is a category leader in home rentals, and is benefiting from healthy secular growth in a category with a large total addressable market, as well as its rising popularity, growing user base, and high host and guest retention, the analyst tells investors in a research note. However, the firm finds current growth and margin expectations already reflected in the stock and opts to be on the sidelines. It cites the stock’s premium valuation for the Neutral rating.
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