Airbnb's Diversified Exposure Is Driving Gains, Analyst Says

• KeyBanc analyst Justin Patterson maintained an Overweight on Airbnb, Inc (NASDAQ: ABNB) with a $142 price target.

• Based on his latest travel tracker, he believes Airbnb trends are essentially tracking in line with expectations.

• Also Read: Want To Airbnb In CEO Brian Chesky's Property? You Can Because He Listed His Property On Platform

• 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 (NASDAQ: 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.

See more from Benzinga

• Want To Airbnb In CEO Brian Chesky's Property? You Can Because He Listed His Property On Platform

• Bill Gates Says This Could Lead To Civil War And 'Bring It All To An End'

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.