As previously reported, DA Davidson analyst Tom White upgraded Airbnb (ABNB) to Buy from Neutral with a price target of $155, down from $170. The firm is also adding Airbnb to the D.A. Davidson research team’s “Best-of-Breed Bison” initiative, which focuses on long-term best in class companies in its coverage. The firm cites four key reasons: the relative resilience of online leisure travel spending; the company’s spot as the category leader in alternative accommodations supply; a sustained period of extensible product/feature launches; and a “reasonable valuation” after the 23% pullback in shares in the last year.
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