Airbnb price target lowered to $105 from $110 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Airbnb to $105 from $110 and keeps an Underweight rating on the shares. Room night growth is slowing and high-margin ADRs remain sticky, says the firm, which does not believe “this combination will lead to durable, high-multiple growth,” the analyst tells investors in a post-earnings note. The firm believes room night growth is expected to decelerate to about 11% growth in Q4 from 14% in Q3, which is below its prior 13% year-over-year forecast and causes it to lower its FY24 room nights estimates by 2%.