Airbnb, Inc. (ABNB) shares surged 13.49% in intraday trading on Wednesday, outperforming the broader market. The significant uptick comes as BMO Capital adjusted its price target on the popular home-sharing platform, sparking renewed investor interest.
According to the latest analyst report, BMO Capital has revised its price target for Airbnb to $121, down from the previous target of $150. Despite the lower price target, the firm maintained its Market Perform rating on the stock. This adjustment, while representing a decrease, appears to have been viewed positively by investors, possibly due to the maintained rating or other factors mentioned in the full analyst report.
The strong market reaction suggests that investors may have found the new price target more favorable than expected, or that other positive factors are at play. It's worth noting that analyst consensus, as reported by FactSet, still maintains a hold rating on Airbnb with a mean price target of $153.67. The discrepancy between BMO Capital's target and the consensus figure could be contributing to the stock's volatility and investor speculation. As always, investors are advised to conduct their own research and consider multiple factors when making investment decisions.
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