Airbnb price target raised to $168 from $155 at BofA

BofA raised the firm’s price target on Airbnb to $168 from $155 and keeps a Neutral rating on the shares. AirDNA estimates Airbnb’s nights booked were up 24% year-over-year in February versus up 5% year-over-year in January, reports the analyst, who notes February likely benefited from Leap Year and that AirDNA changed its nights estimate methodology. Still, the data suggests accelerating growth on easing comps and the firm is applying a higher multiple on nights and margin upside potential, but reiterates a Neutral rating given valuation.