Needham downgraded Airbnb to Hold from Buy without a price target. The analyst believes the market has an overly optimistic view on Airbnb’s potential to leverage artificial intelliotence to disrupt the global online travel agency industry. The firm sees potential challenges in the company generating the global scale necessary to impact estimates, specifically the potential for price competition with incumbents and need to unlock hotels that likely see Airbnb as an existential threat. With the stock trading at a premium to peers relative to growth Needham downgraded the shares.
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