Analysts at RBC Capital downgraded Airbnb, Inc. (NASDAQ:ABNB) to Sector Perform From Outperform, lowering their price target to $175 from $195. The brokerage mentioned five key reasons for the downgrade:

(1) Recent property manager checks indicate significant bookings getting pulled forward from Q2/Q3 of 2022, which means near-term upside may get recognized as setting up for some potential air pockets through the middle of next year,

(2) Elevated forward Street ambitious margin expansion assumptions,

(3) Company is most exposed to a direct-to-property manager booking mix shift,

(4) While supply should continue unlocking post-pandemic, the brokerage expected measured increases which likely throttle the bigger bookings upside potential necessary to drive step-function upside to the stock,

(5) Call optionality is likely somewhat known and already priced in.