Canada’s Hotel ADR and RevPAR Hit Record High in 2022
Skift Take
- Gordon Haskett downgraded Airbnb to Underperform from Hold. They lowered their price target to $87 from $94. The firm also cut their rating on Booking.com to Hold from Buy.
- STR reported US lodging data for the week ended 1/21. RevPAR was up 26.2% year over year while up 5.6% versus 2019.
- The DJIA rose 9.88 points, or little change. Nasdaq fell 0.2%; S&P 500 was barely changed. The 10-year Treasury yield fell to 3.461%.
The DJIA rose 9.88 points, or little change. Nasdaq fell 0.2%; S&P 500 was barely changed. The 10-year Treasury yield fell to 3.461%.
Gordon Haskett downgraded Airbnb to Underperform from Hold. They lowered their price target to $87 from $94. The firm also cut their rating on Booking.com to Hold from Buy setting a target price very close to the current price at $2,456. BofA Securities also cut their rating on Booking to Neutral from Buy with a price target of $2,700. Barclays maintained an Equal Weight rating on ABNB but upped their target price to $105 from $103. There is a lot of jockeying by analysts on the lodging/travel sector as we get closer to earnings.
Vacasa said they are laying off 17% of the company, or 1,300 employees. The company said they are focusing on profitability. VCSA also confirmed their earlier guidance for 4Q22.
