Airbnb Cut To Sell On 'More Than Stretched' Valuation At Gordon Haskett

By Staff of The Fly
Monday, December 14, 2020 7:50 AM EST

Gordon Haskett analyst Robert Mollins downgraded Airbnb (ABNB) to Underperform from Buy with a $103 price target, which equates to a 26% downside in the shares.

The stock's valuation is "more than stretched" when compared to other online travel agencies like Booking Holdings (BKNG) and Expedia (EXPE), Mollins tells investors in a research note. Airbnb deserves a valuation premium to peers, but not a 300%-400% premium, says the analyst.

Mollins still views Airbnb as a core long-term holding, but is making a "tactical valuation-driven downgrade." He believes Airbnb shares will face pressure in the coming weeks
 

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.