Bernstein raised Airbnb’s price target to $217 from $168 on Monday, maintaining an Outperform rating as the company’s growth outlook improves.
Analyst Richard Clarke cited accelerating nights booked growth, now at 10% in the fourth quarter of 2025 compared with 7% in the second quarter of the same year. Management expects a fifth consecutive quarter of roughly 10% or higher growth. The new target is based on a 25.5x EBITDA multiple and a 12% revenue growth forecast, with current valuation implying mid-term revenue growth of 10.5% to 11%.
Airbnb’s stock was trading around $187.30 on Monday, near its 52-week high of $189.20, and up 44% over the past year. The company reported second-quarter 2026 revenue and adjusted EBITDA that exceeded consensus by 0.8% and 2.7%, respectively. For the third quarter, Airbnb projected revenue of $4.73 billion, 2.7% above market expectations.
Clarke highlighted catalysts including AI-driven search, dynamic pricing, loyalty programs, and sponsored listings as key drivers of sustained growth. Gross profit margins stood at 82.9%, while annual EPS growth is projected at approximately 20%, supported by double-digit revenue growth, moderate margin expansion, and ongoing share buybacks.
Other firms adjusted their targets: Wedbush upgraded Airbnb to Outperform from Neutral, Phillip Securities downgraded to Reduce with a raised target of $158, BMO Capital increased its target to $165 with a Market Perform rating, and UBS raised its target to $172.
