Diamonds and Dogs
Airbnb (ABNB) higher on an upgrade. The real estate rental service is up 4% as the analyst at Cowen upped his rating and price target to $220 a share. Airbnb will be a major beneficiary of the "hotel to homes" shift in the global lodging market, with a trusted platform for both urban apartments and vacation homes. The analyst estimates that alternative lodging is now 33% of global lodging dollars, up from 24% before the pandemic. He notes that Airbnb dominates the market—and calculates that the company will have more than half of a 2021 market that he estimates at $47 billion in gross booking value. 2022 could be a good year for Airbnb.
AT&T (T) continues to drift lower. The stock is down 2% to its lowest level since July 2010. AT&T has plans to spin off their Warner Media to Discovery next year, cutting their dividend while also giving investors shares in the new pure play media stock. Doesn't seem to be impressing many investors.
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