Airbnb price target lowered to $136 from $168 at Evercore ISI

Evercore ISI lowered the firm’s price target on Airbnb (ABNB) to $136 from $168 and keeps an Outperform rating on the shares following what it calls “Modest Beat & Mixed Q3 EPS results.” While noting that Airbnb’s cautious comments on demand are likely a negative read-through for the Q4 guides of other travel names like Booking Holdings (BKNG) and Expedia (EXPE), the firm contends that Airbnb’s fundamentals “remain intrinsically impressive,” as “best illustrated” by its 44% trailing twelve month free cash flow margin.