Airbnb is the top online travel agency stock pick at Bernstein
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Bernstein turned bullish on the upside on Airbnb (NASDAQ:ABNB) with the view the company will be the biggest western travel platform in the next five years. 
The firm called out a good entry point and started off coverage on Airbnb (ABNB) with an Outperform rating.
Analyst Richard Clarke estimated that the vacation rental industry could see high single- to low-digit growth going forward, with Airbnb (ABNB) sitting in a strong position.
"Airbnb a unique business within travel, with a triple moat from an aspirational brand, a unique product set and a loyal customer base - all focused in one of travelâs fastest swim lanes."
ABNB is seen being the most profitable online travel agency within two years to beat competitors such as Expedia (EXPE) and Booking.com (BKNG).
Looking at the near term, Bernstein sees a record-setting Q3 for ABNB, with room nights topping 100M and coming in 5% ahead of estimates. Crucially, Airbnb (ABNB) is noted to have been able to grow while cutting marketing costs. 
 "Even if you have a negative outlook on travel demand, we would see Airbnb as the best stock to own given its more defensive position, faster growth and more attractive valuation on a 4-year forward multiple." 
Bernstein assigned a price target of $143 to ABNB.
Shares of ABNB were flat in premarket trading on Wednesday at $110.55. 
The Seeking Alpha Quant Rating on ABNB is at Hold.