Airbnb (ABNB) continues to look more and more like a "traditional, well-run online travel platform," Morgan Stanley said in a Friday note after the company's Q1 results.
The company's 8% room night growth in Q1 was around 100 basis points lower than expected, as well as its Q2 guidance for the same figure, Morgan Stanley analysts said.
Airbnb's continued talks about further emphasizing hotels also support the view of the company as an online travel agency, the analysts said.
Meanwhile, the company plans to increase investments in new initiatives in H2 as its new products launch. The analysts said that the investments should deliver more durable room night and revenue per room night growth in order to support the company's current multiple versus growth.
The analysts compared Airbnb to Booking Holdings (BKNG), noting that the company trades at a 2.5X premium to its competitor on a price/earnings to growth basis.
Morgan Stanley maintained the company's stock rating at underweight with a price target of $130.
Price: 125.49, Change: +1.48, Percent Change: +1.19
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