KeyBanc Upgrades Airbnb to Overweight, Sets $191 Price Target

Airbnb is poised for further gains, and investors should accumulate the stock while its valuation remains unusually attractive, according to KeyBanc. The investment bank upgraded the hospitality platform to an overweight rating from a sector weight stance, simultaneously assigning a $191 price target that implies 19% upside from Thursday’s closing price. Analyst Sergio Segura outlined the investment thesis in a Thursday note, citing three primary drivers: durable, product-led core growth; the emergence of hotel bookings as a credible secondary growth engine; and the company’s strategic positioning to benefit from the artificial intelligence boom. “With shares trading below their three-year median valuation multiple and at a discount to traditional lodging peers despite stronger growth and operating momentum, we view the current risk/reward as compelling,” Segura added.

Airbnb currently trades at 14.1 times its estimated 2028 enterprise-value-to-EBITDA ratio, per KeyBanc estimates, sitting below its three-year historical next 12 months median of 16.7 times. The analyst suggested the company could leverage the AI boom by capitalizing on its differentiated inventory, globally recognized brand, and substantial direct traffic mix. The upgrade aligns with broader Wall Street consensus. According to LSEG data, 27 of the 45 analysts covering Airbnb hold a buy or strong buy rating, while 17 maintain a hold. Shares have jumped 18% year to date.

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