Airbnb price target lowered to $165 from $170 at Jefferies

Jefferies lowered the firm’s price target on Airbnb to $165 from $170 and keeps a Buy rating on the shares. The firm sees “a tricky setup” and sees modest downside to Nights following softer Q3 traffic, but expects in-line Bookings and upside to EBITDA driven by ADRs and take rate, the analyst tells investors in a preview note. The outlook for Q4 Nights “will be a key focus for investors,” the analyst added.