Wednesday, December 7, 2022
North America

Morgan Stanley Sees Airbnb’s Property Supply Slowing

  • Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 from $100.
  • Marriott International announced plans to introduce more than 35 luxury hotels in 2023 to its portfolio of luxury brands.
  • STR reported US lodging data for the week ended 12/3. Hotel RevPAR was up 11.7% year over year while up 1.2% versus 2019.

The DJIA rose 2 points while Nasdaq was down 56, the S&P 500 fell 7 points and the 10 year treasury yield plunged another .11 to 3.41%. Lodging stocks were mixed. MCG was the big mover, down -8% while VCSA traded down to another new low before bouncing a bit. Morgan Stanley cut their rating on Airbnb to Underweight from Equal Weight, slashing its target price to $80 […]