Is Airbnb Stock Finally Ready to Take Off?
The "revenge travel" phase of the recovery has come and gone. Most of us have taken the vacations we had to postpone in 2020 as a result of safety concerns and travel restrictions. With the global economy sputtering and inflationary pressures making essentials a priority, it's easy to see why cruise line stocks, air carriers, and other tourism stocks have sputtered.
Investors have also checked out of Airbnb (NASDAQ: ABNB). The stock is trading for roughly half of what it was fetching when it peaked shortly after going public less than two years ago. The stock started to recover from the lows it hit in June, but analysts began slashing price targets on Airbnb last month after the July rally fizzled out. Can this week's gains stick this time? An analyst initiating coverage of the stock with a bullish rating is an encouraging start to the rally for one of the more misunderstood travel stocks.
Image source: Getty Images.
Source Fool.com
