CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target price at $168, on an above-peer P/E of 31.3x our 2025 view, reflecting strong guest demand. We keep our 2024 EPS view at $4.61 and lift 2025’s to $5.36 from $5.12. Airbnb, Inc (NASDAQ:ABNB) posted Q4 adj. EBITDA of $738M vs. $506M, beating the $646M consensus. Sales rose 17% and GBV grew 15%, driven by solid growth in Nights/Experiences (+12% to 99M), higher ADRs (+3%), and favorable FX. We remain encouraged by strong supply growth (+18% ex-China), higher take rates, and positive EBITDA margins (33%, +6%-pts). International expansion remains a massive opportunity, with ABNB gaining traction in markets like Korea/Germany/Brazil and now adding Switzerland/Belgium/Netherlands, with much of Asia/Europe underpenetrated. Global travel demand is strong, with Airbnb taking share despite potential 2024 headwinds and tough comps. We think Airbnb remains a long-term growth story. The $6B buyback program signals confidence and we expect free cash flow of $4B in 2024 and $4.6B in 2025 (compared to $4.3B in 2023).