Vacasa price target set at $12 at Needham

Needham adjusts the firm’s price target on Vacasa to $12 to reflect the company’s recent stock split and following its Q3 results / Q4 guide. The outlook is contemplating a worse than expected macro environment, and the firm is assuming back to back years of double-digit bookings contraction in FY23 and FY24, which pushes bookings per home closer to 2019 levels, the analyst tells investors in a research note.