Airbnb (ABNB) delivered strong Q2 results and provided an in-line outlook for Q3 amid weakening travel trends, Wedbush Securities said in a note Thursday.

Wedbush analysts said they are wary even as Q3 started on a high note, and commentary for next quarter is encouraging.

"We remain cautious given weakening travel trends suggested by the data we track," they said.

Referring to the stock, the analysts said the shares now trade for a significant premium to the online travel group.

"This multiple may be hard to retain in a difficult operating environment," they said. Wedbush cut its price target to $130 from $135 while keeping its neutral rating.

Shares of the company were down over 9% in recent trading.

Price: 118.27, Change: -12.23, Percent Change: -9.37