0944 ET - Airbnb is set up for a period of durable growth while trading at a discount to lodging peers, KeyBanc analysts write in a note, upgrading the stock to overweight and giving it a $191 price target. "Our thesis rests on three key pillars," the analysts write. "1) core growth appears increasingly durable and product-led; 2) hotels are emerging as a credible second growth engine; and 3) Airbnb is positioned to be an AI beneficiary." They write that a confluence of improved products, brand engagement, and growing market penetration has accelerated Airbnb's growth, both in expansion and core markets. The analysts also see a substantial growth runway for Airbnb's hotel business, and argue that AI will be a net positive for the company rather than a source of disruption. Shares gain 1.6% to $163.01.