Airbnb price target lowered to $151 from $159 at BofA

BofA analyst Justin Post lowered the firm’s price target on Airbnb (ABNB) to $151 from $159 and keeps a Neutral rating on the shares. Third party data suggests modest acceleration in nights for Q4, consistent with guidance, and given guidance history, the firm thinks the Street expects modest night growth, or 1% above Visible Alpha consensus, and EBITDA upside in Q4, the analyst tells investors in a preview for the online travel agent group. The “key driver” will be the Q1 bookings and nights outlook, where the Street is forecasting around 9% each, the analyst added.