Wedbush upgraded ABNB to "outperform"
Wedbush today upgraded Airbnb Inc (NASDAQ:ABNB) to "outperform" from "neutral" and hiked its price target to $165 from $160. The Wall Street brokerage pointed towards an attractive entry point, with the shares set to benefit from strong travel demand. At last glance, ABNB was up 1.2% at $146.17.
Most covering analysts are still hesitant towards Airbnb stock. Specifically, 33 of 44 firms rate the security a tepid "hold" or worse, implying plenty of room for additional upgrades.
Last Thursday, ABNB closed beneath the $142 level for the first time since January. The security quickly recovered, bouncing off the 250-day moving average. While the shares have shed 11.1% over the last 30 days, they remain up 7.3% in 2024.
The stock's "oversold" 14-day relative strength index (RSI) of 31.8 points to near-term tailwinds. Plus, options are affordable at the moment too, per ABNB's Schaeffer's Volatility Index (SVI) of 295 that ranks in the lowest possible percentile.