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

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
 

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