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Research Alert: CFRA Reiterates Hold Opinion On Shares Of Airbnb Inc

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $1 to $150, 26x our 2027 EPS estimate (rolled forward from 29x 2026 EPS), below the shares' three-year average of 31x. We lower our 2026 EPS to $4.98 from $5.13 and raise 2027's to $5.78 from $5.63. ABNB raised full-year revenue guidance and expects 35% EBITDA margins. Q1 gross bookings reached $29.2B (+13% ex-FX) with nights/seats of 156.2M (+9% Y/Y). However, management indicated Q2 ADR growth will decelerate from Q1's 9%, reflecting supply additions ahead of the World Cup. Over 100K new hosts were listed since October, with an incremental 100K listings across the 16 host cities. Management expressed optimism on close-in bookings as the event nears, but a listing surge creates pricing pressure. Thus, we maintain a Hold. New supply demonstrates platform strength but suggests competitive headwinds to ADR upside despite 2H event demand. ABNB appears focused on volume to maximize GBV, potentially limiting margin expansion beyond 35%. At 26x our estimate, shares appear fairly valued.

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