After a tough year, Morgan Stanley sees even more downside for Airbnb.
After a tough year, Morgan Stanley sees even more downside for Airbnb . Analyst Brian Nowak downgraded the short-term home rental stock to underweight from equal weight. He also slashed his price target to $80 per share from $110. The new target implies downside of 14% from Tuesday's closing level of $93.12. Nowak pointed to potentially slowing active listings growth over the next few years as a key risk for the stock.
"The bottom line is we think we were previously too optimistic about forward demand; we now reduce our '23/'24 nights booked by 5%/12%." Slowing listings also makes Morgan Stanley's bear case on the stock more likely, the analyst said. He noted that the stock could fall as low as $60 per share, which would be 35.6% below Tuesday's close.
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