Airbnb price target raised to $145 from $130 at BofA

BofA analyst Justin Post raised the firm’s price target on Airbnb to $145 from $130 and keeps a Neutral rating on the shares following the company’s Q4 report. Airbnb’s Q1 outlook suggests a "soft landing" for AA bookings with solid volume growth offsetting ADR pressure, but Q1 "could be peak growth," the firm said. While Airbnb’s strong brand position, high percent of direct traffic, and strong cash flow conversion warrant a premium valuation, the sector is benefiting from favorable bookings comps in January and the stock is already valued at 20 times the firm’s 2024 EBITDA estimate, BofA added.