Airbnb Stock Surges as Travel Demand Drives Earnings Beat

The equity earned no fewer than seven price-target hikes this morning

Digital Content Manager
Nov 5, 2021 at 11:19 AM
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The shares of Airbnb Inc (NASDAQ:ABNB) are surging today, up 12% at $199.83 at last check. Today's pop came after the company reported blowout third-quarter earnings of $1.22 per share -- much higher than analysts' estimates of 75 cents per share -- as well as a revenue beat. The company attributed the strong results to a jump in travel demand, and noted it expects a rebound in global travel as higher vaccination rates drive growth into 2022. 

Analysts are responding to the news with optimism. The equity earned no fewer than seven price-target hikes this morning, with the highest coming from RBC to $195 from $170. The brokerage bunch is bullish towards ABNB, with 17 of 29 analysts in question carrying a "buy" or better. Meanwhile, the security's 12-month consensus target price of $185.79 is a 6.9% discount to current levels, indicating more price-target hikes may be on the horizon. 

Today's bull gap has Airbnb stock trading at its highest level since March. The equity has been charging higher on the charts over the last few months, after bouncing off the $130 level in July. Just yesterday, the security toppled a ceiling at the $176 level, contributing to its 35.8% year-to-date lead. 

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