- The shares of Airbnb Inc (NASDAQ: ABNB) have received a price target increase from $200 to $210 from Wells Fargo. These are the details.
The shares of Airbnb Inc (NASDAQ: ABNB) have received a price target increase from $200 to $210 from Wells Fargo. And Wells Fargo analyst Brian Fitzgerald is maintaining an “Overweight” rating on the company shares.
Fitzgerald noted that Airbnb had reported strong second quarter results and the company saw continued momentum for long-term stays and non-urban markets. This was complemented by rebounding demand for shorter, urban, and cross-border stays.
And Fitzgerald is continuing to expect that the post-COVID travel landscape will be characterized by greater work flexibility and longer stays. Plus Fitzgerald said that Airbnb remains best positioned for serving emerging demand trends due to network effects and the ability to draw both property managers and individual hosts into its ecosystem.
The Nights and Experiences Booked operations nearly recovering to the same period pre-COVID levels (Q2 2019). And Airbnb had more than $13 billion of bookings in Q2 2021, up dramatically (320%) from a year ago and up substantially (37%) from the same period pre-COVID levels (Q2 2019).
The Q2 2021 revenue was up nearly 300% year-over-year and surpassed Q2 2019 levels by 10% as the travel recovery accelerated with ongoing strength in North America, improvements in EMEA, and higher ADR.
The net loss was significantly lower year-over-year and compared to Q2 2019. Net loss for Q2 2021 was $68 million, an improvement of $507 million compared to Q2 2020 and $229 million compared to Q2 2019.
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