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The analyst, who kept an outperform rating and $220 price target on the shares, cited a travel rebound for his reasoning.
“Airbnb is on track to grow 33% vs pre-pandemic in Q4E while its largest online travel peers are flat to down. While Street sees a major slowdown in 22E on tough comps, we believe this is unrealistic given pent-up demand and the ongoing travel recovery,” stated Kopelman.
He added that they are 15% above Street estimates for gross book value at $65 billion and that the Street is #significantly underestimating” growth prospects for the company in 2022 and beyond.
Airbnb shares are sitting around $170.87.
