Goldman initiated coverage of Airbnb (ABNB) with a Sell rating and $132 price target.
The firm initiated coverage of the U.S. internet sector with a “selectively positive view.” The industry still has “ample opportunities” for secular revenue growth and increased operating efficiencies on the back of building scale in the coming years, Sheridan tells investors in a research note. The firm believes Airbnb shares have a negative risk/reward skew when measured against the potential for a volatile travel environment ahead, a relatively mature end market and high levels of competitive intensity among industry players.