Airbnb upgraded to Buy from Hold at Jefferies

Jefferies analyst John Colantuoni upgraded Airbnb (ABNB) to Buy from Hold with a price target of $185, up from $165. The firm believes the company’s lodging share gains will be augmented by increased adoption of experiences, an opportunity it says Airbnb “is uniquely well positioned to capture.” Further, the analyst estimates the company’s growth is further bolstered by take rate upside, driven mostly by the launch of sponsored listings. Jefferies’ analysis shows the core lodging business alone is worth Airbnb’s current value, implying zero is being ascribed to experiences or take rate. As such, it upgraded the shares to Buy.