Argus upgrades Airbnb to Buy, sees strong urban demand, benefits from overseas

Argus upgraded Airbnb to Buy from Hold with a $144 price target. Demand for Airbnb rentals are expected to stay strong thanks to longer stays and growth in urban markets, the analyst tells investors in a research note, also anticipating benefits from the easing of COVID-19 restrictions in China, growth in Latin America, and earlier-than-normal summer vacation bookings in Europe. Argus is also boosting is FY23 EPS view on Airbnb to $3.60 from $3.00 and its FY24 view to $4.00 from $3.60.