We cut our 12-month target price to $170 from $188, on an above-peer P/E of 32x our 2025 view. We lift our 2024 EPS view to $4.67 from $4.61 and cut 2025’s to $5.30 from $5.36. ABNB posted Q1 adj. EBITDA of $424M vs. $262M, beating the $326M consensus. Revenue rose 18%, underpinned by a 12% increase in GBV. Top-line strength was driven by a 10% rise in Nights/Experiences booked to $133M, reflecting sustained vigor in travel demand and the favorable timing of Easter. Revenue was further driven by higher take rates and steady supply growth of 17%. Geographically, performance was mixed, with NA and EMEA remaining stable, while Latin America and Asia Pacific exhibited strong bookings growth of 19% and 21%, respectively. Looking ahead, we anticipate a moderation in nights growth across the industry, but expect ABNB to gain market share through new offerings like Icons, Group Trips, and Guest Favorites, coupled with higher fees, increased advertising, and continued international expansion.