It's time to step to the sidelines on shares of Airbnb as the pandemic recovery bump fades, according to KeyBanc Capital Markets. Analyst Justin Patterson downgraded shares to sector weight from overweight, saying he expects a near-term peak in margins and slowing revenue growth that will hurt the vacation rental company.
mountain Airbnb "Our call is that leisure travel has experienced a material recovery from 2021-2023E, resulting in outsized margin expansion, " Patterson wrote in a Monday note. "As these tailwinds fade, we see elevated risk to [room nights and experiences] and [average daily rate] growth." Airbnb has outperformed this year as a resilient consumer shelled out money for travel and experiences.
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