Airbnb (ABNB) is an "attractive brand monetization story" with strong first-party data that is likely worth a valuation premium amid the evolving consumer AI landscape, RBC Capital Markets said in a Wednesday note.
The company's hotel expansion is expected to drive incremental room nights and could provide high-margin revenue through promoted listings, where other platforms have lifted take rates by hundreds of basis points.
The brokerage also noted the potential for Airbnb to target Europe's independent and boutique hotel base with disruptive pricing, further professionalizing the category and enhancing brand appeal.
RBC said Airbnb has made progress addressing structural shortcomings compared with traditional online travel agencies, such as high upfront deposits, inflexible cancellation policies, significant guest fees and limited capability to optimize average daily rates.
Airbnb is also expected to see a lesser negative impact from AI disruption compared to online travel agencies due to its strong brand and high direct usage.
The FIFA World Cup and the Winter Olympics could provide a modest first-half tailwind to room nights, though these events are not central to the company's growth thesis, according to the note.
RBC upgraded the company's stock rating to outperform and raised the price target to $170 from $145.
Shares of Airbnb were up more than 2% in recent trading.
Price: 134.94, Change: +2.93, Percent Change: +2.22
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