Airbnb's Diversified Exposure Is Driving Gains, Analyst Says

KeyBanc analyst Justin Patterson maintained an Overweight on Airbnb, Inc ABNB with a $142 price target.
Based on his latest travel tracker, he believes Airbnb trends are essentially tracking in line with expectations.
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While parts of Europe (e.g., Germany) are emerging as a cautionary flag, Airbnb's diversified exposure to urban and suburban markets and ongoing supply growth appear to be driving gains in the U.S. and abroad.
In his U.S. credit card data, Airbnb has taken ~600 bps share from the hotels since 2019.
By contrast, pure-play vacation rental businesses like Vrbo and Vacasa, Inc VCSA appear to be facing more pressure, which he believes reflects some shift from suburban to urban markets.
Price Action: ABNB shares traded lower by 2.37% at $95.45 on the last check Monday.