Airbnb stock trades lower after Gordon Haskett warns on sales expectations, regulatory risk
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Airbnb (NASDAQ:ABNB) slipped in morning trading on Wednesday after Gordon Haskett lowered its rating to Underperform after having the online travel stock slotted at Hold.
Analyst Robert Mollins and team see several trouble spots on ABNB including consensus sales expectations that are seen as overly aggressive based on the firm's scanning of active listings and occupancy data.
"Consensus topline estimates for 2023E and 2024E appear excessively optimistic and will likely require a big step up in either supply growth or occupancy rate expansion," warned Mollins.
Mollins also pointed to higher regulatory risk with tight New York rules potentially expanding into different cities.
The view on China is that ABNB will see a delayed impact from the reopening due to airline capacity constraints, testing requirements and affordability challenges.
Gordon Hasket clipped its price target on Airbnb (ABNB) to $87 from $94.
Shares of ABNB were down 2.29% to $101.75 at 11:55 a.m.
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