Jefferies analysts are bullish on Airbnb (NASDAQ: ABNB), citing a surge in bookings for the upcoming Paris Olympics. In their recent note, they highlighted a fivefold increase in nights booked in the Paris region during the event compared to last year. This has led Jefferies to raise their Night growth estimates for Airbnb.
The Olympics are expected to provide a ~2% boost to 2Q24 Nights growth, with a 40% increase in active listings meeting the anticipated demand. Jefferies also sees the event as a catalyst for long-term growth, attracting travellers who usually prefer hotels.
The analysts maintain a Hold rating on Airbnb but acknowledge near-term upside and potential long-term growth driven by increased user acquisition from major sporting events like the Olympics and the European Football Championships in Germany.
