Airbnb price target raised to $154 from $142 at BofA

BofA raised the firm’s price target on Airbnb (ABNB) to $154 from $142 and keeps a Neutral rating on the shares. Q3 Gross Bookings of $20.1B were above the Street at $19.8B on higher nights booked and higher ADRs, the analyst noted. Airbnb’s Q4 outlook suggests booked nights growth will accelerate from Q3 at 8%, though margins will be down year-over-year as investment spending ramps, the analyst said in an earnings recap. The analyst continues to prefer faster growing gig economy stocks over OTAs, BofA added.