Mizuho lowered the firm’s price target on Airbnb to $170 from $175 and keeps an Outperform rating on the shares. The firm believes the Q4 consensus room night growth estimate of 8% “appears aggressive,” if shorter booking lead times persist at July’s rate of six points of moderation year-over-year. The analyst expects Airbnb to focus on affordability and quality, including price tools, price parity, and removal of low-quality listings. As a result, advertising could be deferred to support pricing initiatives, the analyst tells investors in a research note. Mizuho looks for Airbnb’s market expansion plans to carry into fiscal 2025 but expects increased efficiency in other areas to offset that margin headwind.