ABNB: 2026 Summer Release: Broader Appeal, Greater Impact

Research evidence excerpt

ABNB: 2026 Summer Release: Broader Appeal, Greater Impact

Equity Research

Flash Comment — May 20, 2026

Internet

Airbnb, Inc.

2026 Summer Release: Broader Appeal, Greater Impact Overweight

Price Target: $181.00

Ticker ABNB

Our Call Upside/(Downside) to Target 33.5%

Encouraged by broader appeal, and likely greater bookings impact, of '26 Summer Release Price (05/20/2026) $135.55

event. Expansion of hotel offering to 30 cities w/ aggressive 15% rewards yield attached 52 Week Range $110.81 - 147.25

supports view that hotels contribution will be material to '27 & beyond. Market Cap (MM) $82,414

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Believe 2026 Summer Release reinforces hotel opportunity, with boutique/ Ken Gawrelski

independent hotels now live in 30 cities, price match guarantee and 15% back in Equity Analyst | Wells Fargo Securities, LLC

Ken.Gawrelski@wellsfargo.com | 617-210-3707

ABNB credits. We see independents as the logical entry point given better brand fit and

fewer loyalty/channel conflicts, but believe stronger merchandising, platform credits and Audey Ashkar

improved conversion can ultimately help ABNB expand further into chain hotel supply Associate Equity Analyst | Wells Fargo Securities, LLC Audey.Ashkar@wellsfargo.com | 212-214-7393

over time, supporting a path from ~4% to ~8% OTA hotel share by 2028.

Zachary Morrissey

Associate Equity Analyst | Wells Fargo Securities, LLC

Hotel opportunity remains primary driver of incremental room night upside, with every Zachary.Morrissey@wellsfargo.com | 212-214-5344

1pt of OTA hotel share in core 5 markets contributing just under 1pt to ABNB room George Rusnak

night growth.