Airbnb just downgraded at Barclays, here’s why

Barclays downgraded Airbnb to Underweight from Equal Weight with a price target of $100, down from $135. The analyst thinks online travel growth slows from here as eventually the “pent-up” travel demand will get exhausted – particularly as consumers’ wallets are increasingly under pressure. Meanwhile, alternative accommodations are showing signs of maturation, and the firm’s industry framework is mixed on travel overall, the analyst tells investors in a research note. Barclays says that while artificial intelligence is an opportunity, recession a risk. The firm is more cautious on travel into 2024.