-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将ABNB的12个月目标价上调16美元至149美元，市盈率为29倍（此前为27倍），低于该股过去三年的平均市盈率31倍，反映出其结构性增长放缓。我们将2026年每股收益预期从4.92美元上调至5.13美元，并将2027年每股收益预期从5.39美元上调至5.63美元，主要原因是宏观旅游支出趋势令人鼓舞，尤其是在高端消费者群体中。我们维持“持有”评级，因为市场普遍预期已反映了较为乐观的情景，即收入增长预期仅为两位数。尽管ABNB面向富裕旅行者的业务支撑了其高平均每日房价房源的持续强劲增长，但这被美国市场的结构性不利因素所抵消，该市场目前的增长率仅为个位数。我们认为这种增速放缓是市场成熟的表现，而非周期性疲软。国际市场的强劲增长势头与美国市场的停滞不前形成鲜明对比，这支撑了我们低于平均水平的估值倍数。除非ABNB在美国市场展现出显著的复苏势头，或者其国际市场的增长远超预期，否则我们认为其目前的上涨空间有限。
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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