Airbnb valuation outside comfort zone, says BTIG

BTIG analyst Jake Fuller keeps a Neutral rating on Airbnb after the company’s better than expected results. The analyst notes that while the concerns around category occupancy pressure, fading work-from-anywhere benefits, and tough comps did not materialize, the stock’s rally afterhours places its valuation at about 23-times expected FY24 EBITDA, which is outside the firm’s "comfort zone" given the potential for topline growth to moderate.