ABNB Stock: Why AirBNB Shares Are Surging Friday

AirBNB (NASDAQ:ABNB) stock is on the rise Friday following some positive coverage from Susquehanna Financial Group.

Airbnb (ABNB) app on a smartphone screen
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Susquehanna analyst Shyam Patil initiated coverage of ABNB stock with a positive rating for the company. That comes alongside a price target of $180 per share. It’s worth noting this is the highest price target for ABNB stock from an analyst.

The $180 price target for ABNB stock implies that the company has plenty of room for growth. It’s sitting 22.4% higher than the stock’s closing price of $147.05 on Thursday. That’s also a stark contrast to the consensus price target of $111 per share.

So why exactly is Susquehanna taking a such a bullish stance on AirBNB? First off, the firm notes that the company is the obvious leader in the short-term rental space. It’s also worth mentioning that the company controls the majority of its traffic due to handling both the host and guest sides of business, reports Bloomberg.

ABNB stock was up 4.9% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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