Benzinga | Jan 10, 2022 03:42PM EST

Piper Sandler Slashes Airbnb Price Target By 21%

* Piper Sandler analyst Thomas Champion downgraded Airbnb Inc (NASDAQ:ABNB) to Neutral from Overweight with a price target of $169, down from $215, suggesting a 5.7% upside.

* While omicron headlines have "clouded the picture, the longer-duration trajectory remains one of steady recovery," Champion said.

* The analyst expects travel in the U.S. in 2022 to look much closer to 219 levels than it did in 2020 and 2021.

* Champion added while Airbnb remains a "top-tier asset," the stock's setup looks less favorable into 2022.

* The analyst cited "elevated" Street expectations, valuation, and its "alternatives pure-play focus," which may be less desirable as travel normalizes, for the downgrade.

* Price Action: ABNB shares are trading lower by 3.75% at $159.82 on the last check Monday.