Sentiment around Airbnb (ABNB) is expected to remain "muted" in the near-term until a clear path for nights reaccelerating emerges, Oppenheimer said in a note emailed Friday.

According to Oppenheimer, Airbnb guided Q2 nights less than expected: 6% to 6.5% versus analysts' expectations of 8.9% year over year.

This was on top of Q1 nights, which also came in below expectations at 7.9% year over year, Oppenheimer said. Meanwhile, revenue came in in-line with expectations.

Airbnb reported Q1 earnings of $0.24 per diluted share Thursday, meeting the FactSet consensus of $0.24.

Revenue was $2.27 billion, slightly above the estimate of $2.26 billion.

For Q2, the company expects revenue of between $2.99 billion and $3.05 billion. Analysts expect $3.03 billion.

"On the positive side we see [Airbnb] as the best positioned travel company based on its strong global brand," Oppenheimer said in the note.

With management reiterating fiscal year margins of at least 34.5%, the firm said it expected tight control over profit and loss if macro deteriorates.

The firm has a perform rating on the stock.

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