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Deutsche Bank lifts Airbnb to Buy as product momentum builds
Deutsche Bank lifts Airbnb to Buy as product momentum builds
Vahid Karaahmetovic
Fri, February 13, 2026 at 10:24 PM GMT+9 2 min read
In this article:
ABNB
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Investing.com – Deutsche Bank analyst Lee Horowitz upgraded Airbnb (NASDAQ:ABNB) to Buy, setting a $154 price target that implies 33% upside from the latest closing price, pointing to continued demand strength and accelerating product momentum after the company’s latest quarterly report.
Horowitz said the broader travel backdrop remains firm and that Airbnb has been able to capitalize, delivering nights growth of 10% in the quarter, 3.6% ahead of the Street. This marked “the fastest growth of 2025 despite the challenging compare,” the analyst said.
Airbnb forecast first-quarter revenue above Wall Street estimates, sending its shares up more than 5% in Friday premarket trading.
Horowitz highlighted the contribution from Reserve Now Pay Later (RNPL), which “contributed meaningfully to North America Nights,” as well as a shift to a more simplified fee structure for hosts.
The latter reduced pricing friction and, together with RNPL, drove more than 200 basis points of growth in the quarter. Horowitz expects both initiatives to remain a tailwind into 2026.
While he sees Airbnb’s first-quarter guidance as conservative, the analyst noted that quarter-to-date trends have remained strong and that comparisons are easing. Combined with product momentum delivered in the second half of 2025 (2H25) and “meaningful 1H26 FX benefits,” the company is now looking for at least double-digit revenue growth in 2026.
The company guided for revenue of $2.59 billion to $2.63 billion for the quarter, ahead of analysts’ average estimate of $2.53 billion, according to LSEG data. However, the company does not expect adjusted core profit margin growth this year as it continues to reinvest in marketing, product and technology.
Horowitz also pointed to a “fairly full” product pipeline into 2026 and 2027. Drivers include scaling benefits from the new fee structure, expansion of the hotel business beyond its “fairly nascent stage,” and AI-native search aimed at improving conversion.
The streamlined fee structure is also expected to enable smarter host pricing and more market-by-market fee decisions by Airbnb. Longer term, the bank flagged potential upside from Sponsored Advertising and the development of Experiences and Services.
In the fourth quarter, Airbnb’s earnings per share were 56 cents, down from 73 cents a year earlier. Quarterly revenue came in at $2.78 billion, topping expectations of $2.71 billion.
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