Truist Sees Normalization of U.S. Demand for Short-Term Rentals

• Stock market sees mixed performance, with DJIA and Nasdaq rising while lodging stocks show mixed results.
• Wells Fargo initiates coverage on Airbnb with an Underweight rating.
• Significant developments in the hotel industry, including new hotel projects in Ann Arbor, Ottawa, Mexico City, and Portland, as well as the restoration of Book Tower in Detroit.

The DJIA rose 169 points, Nasdaq was up 134, the S&P 500 rose 26 points and the 10-year treasury yield was down .07 to 3.71%. Lodging stocks were mixed. AHT was the only mover of note, down -6% on the day. Wells Fargo initiated coverage on Airbnb with an Underweight rating and $99 price target. Truist Securities published a report on ABNB and the short-term rental business […]