Airbnb stock hit a four-year high near $184 after strong second-quarter results, but Phillip Securities downgraded it to Reduce on August 11 even while raising its price target to $158, still about 14% below the price. The company reported a 17% rise in revenue to $3.6 billion, a 16% increase in gross booking value to $27.2 billion, and net income of $816 million, while lifting full-year guidance on revenue and margins. The downgrade argues the AI payoff is already priced in, with the stock trading near 30.9 times earnings versus roughly 20 times for Booking Holdings and 17 times for Expedia. Positioning is crowded, with 87 funds holding the stock in the first quarter of 2026 and short interest at just 3.39% of float, while nights and seats booked grew only 10% and take rate was flat at 13.2%. The next test is third-quarter revenue guidance of $4.69 billion to $4.77 billion.
Airbnb IncDowngraded to Reduce by Phillip Securities despite strong Q2 results and raised price target.
Booking Holdings Inc
Expedia Group Inc.