Airbnb new fees incremental to take rate story, says Jefferies

Jefferies analyst John Colantuoni notes that Airbnb announced a new cross-currency fee that will increase guest charges by about 2% beginning April 1 for bookings where guests pay using a different currency than the host. The firm, which estimates the fee represents about a 5% tailwind to FY25 revenue and 15% tailwind to FY25 EBITDA, views the new fee as incremental to its existing outlook for Airbnb’s take rate opportunity. The firm has a Hold rating and $145 price target on Airbnb shares, which are up $8.30, or nearly 6%, to $150.41 in afternoon trading.