Airbnb (NASDAQ:ABNB) weakening trends "put downside scenarios on the radar," BTIG analysts told investors in a note Wednesday.
The analysts, who have a Neutral rating on the stock, said the firm sees travel growth slowing broadly "as we transition from recovery to post-recovery mode and work through a tough post-Omicron comp."
"The trends we see at ABNB have us worried (again) about 2023 room nights," they added.
They noted that site traffic has been a good directional indicator for room nights, and they see year-on-year declines, erosion in the vs. 2019 comp, and a sub-seasonal trend from April to May.
The analysts also stated that yields concern "around the consensus room night outlook (2Q 118M, 2023 454M) with downside scenarios maybe starting to look more realistic."
"Extending the view out, the key to ABNB's room night/bookings growth over time will be listings (hotly debated topic over the past year) and by our estimate it will need to add 1M+ annually to make consensus numbers as we push out to 2026 (feasible, but hard to see)," concluded the analysts.