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Airbnb gains as Wedbush upgrades on healthy travel demand

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** Airbnb Inc's ABNB.O shares up 1.6% at $146.85 early Tues after Wedbush upgrades short-term rental firm to "outperform" from "neutral", saying near-term travel demand remains resilient

** Brokerage boosts PT by $5 to $165, implying 14% upside to stock's last close (Fri)

** Investors should take advantage of stock's weakness since co's disappointing Q2 guidance earlier this month, Wedbush says, given positive travel data points so far this qtr

** Wedbush points to recent industry commentary indicating healthy demand for upcoming summer travel season, which will benefit from international sporting events including Paris Olympics and the Euro Cup

** On May 9, ABNB's stock fell 6.9% to $147.05 after co's gloomy forecast fanned slowdown fears, overshadowing a strong Q1 profit beat

** Now, 12 of 44 analysts rate ABNB "strong buy" or "buy", 26 rate "hold", while 6 recommend "sell" or "strong sell", per LSEG, with median PT of $152.65

** With move on the session, stock up ~8% YTD vs S&P 500's .SPX ~11% advance

(Lance Tupper is a Reuters market analyst. The views expressed are his own)


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