KeyBanc Capital analysts downgraded Airbnb (NASDAQ:ABNB) from Overweight to Sector Weight, which resulted in a share price drop of more than 5% intra-day today.

The analysts cited concerns about the sustainability of margins and potential deceleration in revenue growth. They pointed out that the recovery in leisure travel has led to significant margin expansion, but as these favorable trends diminish, there are increased risks to room night equivalent (RNE) and average daily rate (ADR) growth.

The analysts also highlighted the elevated risk to ADR and suggested that the risk of deceleration in RNE growth could begin in the fourth quarter. Overall, they believe Airbnb’s growth expectations may be too optimistic.

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