TLDR
- Bernstein raised its Airbnb price target to $217 from $168, keeping an Outperform rating
- Analyst Richard Clarke called Q2 2026 earnings a “clear inflection point” for the company
- Night growth accelerated to 10% and management guides to a fifth straight quarter at that level
- Q2 revenue and adjusted EBITDA beat estimates by 0.8% and 2.7% respectively
- Q3 revenue guidance of $4.73 billion came in 2.7% above Wall Street expectations
Bernstein SocGen Group analyst Richard Clarke raised his price target on Airbnb (ABNB) to $217 from $168 on Monday, keeping an Outperform rating. ABNB currently trades around $187.30, near its 52-week high of $189.20, and is up 44% over the past year.
Clarke flagged Airbnb’s second-quarter 2026 results as a “clear inflection point.” Night growth accelerated from 7% in Q2 2025 to 10% in Q4 2025, and management is now guiding to a fifth straight quarter of roughly 10% or higher night growth.
The stock’s gross profit margins sit at 82.9%, and 14 analysts have revised earnings estimates upward heading into the next reporting period.
Clarke’s new $217 target is based on a 25.5 times EBITDA multiple and a 12% annual revenue growth forecast.
Growth Drivers Behind the Upgrade
Clarke sees Airbnb hitting roughly 20% annual earnings per share growth, supported by sustained double-digit revenue expansion, modest margin gains, and ongoing stock buybacks.
He also pointed to several potential revenue catalysts: AI-driven search, dynamic pricing, loyalty programs, and sponsored listings. These are early-stage but could add meaningful upside to the numbers.
The current valuation, Clarke argued, only prices in a medium-term revenue growth rate of 10.5% to 11%. That leaves room for the stock to move higher if growth holds above that range.
Q2 Results and Analyst Reactions
Airbnb’s Q2 2026 revenue and adjusted EBITDA beat consensus estimates by 0.8% and 2.7%. The company’s Q3 revenue guidance midpoint of $4.73 billion came in 2.7% above what the Street had expected.
Wedbush upgraded ABNB to Outperform following the results, pointing to platform improvements. BMO Capital raised its target to $165, maintaining a Market Perform rating. UBS lifted its target to $172, citing product gains and accelerating night growth.
Not everyone is bullish. Phillip Securities downgraded Airbnb to Reduce from Neutral, citing valuation concerns, though it did raise its own price target to $158.
Wall Street’s overall consensus on ABNB sits at Moderate Buy, based on 18 Buy, 11 Hold, and 2 Sell ratings over the past three months.
The average 12-month price target stands at $180.81, which is actually about 3.5% below where the stock is trading right now.
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