Airbnb price target raised to $160 from $135 at KeyBanc

KeyBanc analyst Justin Patterson raised the firm’s price target on Airbnb to $160 from $135 and keeps an Overweight rating on the shares. The firm notes that travel data suggest the consumer has held in, and that spend reaccelerated in May and June. When coupled with a more favorable FX environment, Keybanc believes the shift from marketing spend from Q3 into Q2 could create a new EBITDA margin high-water mark in Q3.