Airbnb leaps as Cowen improves inventory to outperform
By Dhirendra Tripathi
Investing.com – Airbnb (NASDAQ: ABNB) stock rose 5% on Tuesday after Cowen improved it to outperform to a target of $ 220, up more than 25% from its current price.
According to the brokerage’s Kevin Kopelman, the industry has probably undergone permanent changes that the street doesn’t yet appreciate.
Kopelman pointed out that Airbnb pioneered the hotel-to-home transition by creating a trusted platform for city apartments and vacation homes. At $ 47 billion in alternative gross booking value in current year estimates, Cowen estimates Airbnb has a more than 50% share and growth among global online travel agents.
Analyst estimates alternative hosting has increased its market share of the global hosting industry from just under half to 33% now to almost regain its 2019 peak of around $ 200 billion .
Kopelman expects the alternative accommodation industry to keep its gains, assuming it is only partially tempered by the recovery in hotel-focused business travel.