Our $155 TP is based on ~17x our ’26 EV/EBITDA whereby our ’26E EBITDA is $4.8 billion and our EV is $83 billion. We justify our valuation multiple and methodology given Airbnb's continued strong execution and N&EB growth, and we note Airbnb’s category-leading share of the alternative accommodations market, continued focus on new product innovation, improving profitability, and Airbnb’s management team.

Key risks to shares achieving our price target include: (i) slower-than-expected recovery of travel activity from COVID-19; (ii) increased competition from other alternative accommodations providers and traditional lodging providers; (iii) growth slows significantly due to host (supply) constraints; (iv) wide-spread, increased regulation of alternative accommodations could impact supply; and (v) exogenous market shocks that have a sustained impact on the global travel market.