Despegar.com downgraded to Neutral at Citi as bookings likely to decelerate

Citi downgraded Despegar.com to Neutral from Buy with a price target of $14.50, up from $11.50. While Despegar executed well throughout 2023 and “introduced an even more ambitious guidance for 2024,” the firm said that while Brazil “seems to be running smoothly,” it expects “Other Latam” to decelerate considerably and it sees an “apparent lack of upside asymmetry.”