Why Airbnb Stock Dropped 16% in December
Shares of Airbnb (NASDAQ: ABNB) dropped 16.3% in December, according to data provided by S&P Global Market Intelligence. The decline steadily followed the 6% drop of the S&P 500 with one glaring exception: The stock dropped more when a prominent analyst issued a rare sell recommendation. Let's focus on that.
On Dec. 6, Morgan Stanley analyst Brian Nowak downgraded the outlook for Airbnb stock to underperform from equal weight, according to The Fly -- these terms are akin to sell and hold, respectively.
To fully appreciate how counter this is to the narrative, consider that TipRanks is tracking 24 analysts when it comes to Airbnb. Of these 24, only two recommend selling Airbnb stock, of which Nowak is one.
Source Fool.com
