Airbnb’s (ABNB) Q4 was “strong” as gross bookings exceeded consensus by more than 2%, Wedbush Securities said in a note Wednesday.
Following the results, the firm increased its Q1 gross booking value estimate to $22.56 billion from $22.10 billion, taking into account “slightly slower nights growth” and higher average daily rate growth.
Wedbush raised its Q1 net revenue forecast to $2.05 billion from $1.97 billion, considering the increased bookings estimate and timing differences in the period.
“Airbnb’s underlying growth opportunity remains attractive,” the firm said.
Wedbush maintained the neutral rating on Airbnb stock and raised the price target to $160 from $150.