Airbnb price target lowered to $123 from $142 at Piper Sandler

Piper Sandler lowered the firm’s price target on Airbnb to $123 from $142 and keeps a Neutral rating on the shares. The firm notes Q3 results were solid with bookings, revenue and EBITDA mostly in-line with Street. That said, this is a change in pace vs general positive surprises in the past, Piper argues. Airbnb remains an impressive business with a strong direct traffic and free cash flow profile. The firm is constructive on the ability to improve take rate via ancillary products and advertising, although timing is unclear. But, as the most expensive name in group, its unclear if macro and regulatory risk are priced in, Piper adds.