Airbnb stock drops on slower growth outlook

Shares of vacation rental platform Airbnb ABNB.O down 6.1% at $122.5 in premarket trading

On Wednesday, co projected slower growth for the remainder of the year, attributing the trend to challenging comparisons with the same period last year, when robust bookings in Asia and Latin America had significantly boosted earnings

J.P.Morgan raises PT to $130 from $120, maintains the stock rating at "neutral"

Brokerage sees Airbnb's growth driven by steady demand for short-term rentals and its leadership in the space, with additional upside from expanding into services and Experiences

The company reported quarterly revenue of $3.10 billion, compared with analysts' estimates of $3.04 billion, according to data compiled by LSEG

On average, ABNB rated "hold"; the median PT is $140 - data compiled by LSEG

As of Wednesday's close, stock down ~0.63% YTD