Airbnb Inc (NASDAQ:ABNB) Upgraded to Outperform by Cowen

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Airbnb Inc (NASDAQ:ABNB) stock rose 0.71% (As on Oct 13, 12:32:50 AM UTC-4, Source: Google Finance) after Cowen analyst Kevin Kopelman upgraded the stock to outperform from market perform. The Wall Street firm said Airbnb’s growth next year will top expectations amid strong demand for alternative lodging. Cowen hiked its price target on Airbnb to $220 per share from $160 per share. Airbnb, Inc., together with its subsidiaries, operates a platform for stays and experiences to guests worldwide. The company’s marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences.

Meanwhile, in the second quarter of 2021, gross booking value of $13.4 billion more than quadrupled from a year ago and also shot up above 2019 levels by 37% based on the recovery of nights combined with the strength of the ADR. Q2 revenue was of $1.335 billion also had nearly quadrupled from a year ago and it exceeded 2019 levels by 10%. The sequential improvement reflects continued strength in North America, improvement in EMEA and higher Average Daily Rates. The adjusted EBITDA profit was $217 million. Now, this represents a 16% EBITDA margin. This was more than $600 million of improvement in EBITDA from a year ago. And it represents 20% or 2,000 basis points margin expansion from 2019. Over the last four quarters, the company had improved EBITDA margins on average more than 20% every quarter as compared with periods in 2019. Now, that is a 2,000 basis point improvement on average every single quarter. Net loss in Q2 2021 was $68 million, which reflects an improvement of $507 million compared to Q2 2020 and $229 million compared to Q2 2019.

Additionally, after remaining stable throughout the pandemic, the number of active listings grew in Q2. We’re seeing the strongest supply increases in the areas with the greatest guest demand. Active listings in non-urban destinations in Europe and North America increased 8% from Q1 2021 to Q2 2021. We helped drive this growth through a simplified sign-up process for new Hosts and a marketing campaign to highlight the benefits of hosting. In Q2 2021, the company had introduced more than 100 upgrades across every aspect of the Airbnb service, from the website and app to the community support and policies.

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