Airbnb upgraded to Buy from Neutral at Mizuho

Mizuho analyst James Lee upgraded Airbnb to Buy from Neutral with a price target of $200, up from $150. The potential launch of sponsored listings is expected to generate double-digit EBITDA upside over the long-term, the analyst tells investors in a research note. The company’s FY24 consensus room night growth has also been de-risked, leaving limited downside concerns, the firm states. Incremental demand from Summer Olympics and share gains from elevated hotel pricing should also create opportunities for Airbnb to exceed room night growth estimates, Mizuho added.