It continued to benefit from the U.S. travel recovery and preference for more staycations.
Competition presents headwinds to players in the travel market, however.
We think Marriott and Hilton are the best positioned.
Our fair value estimate will increase, leaving shares overvalued.
As vaccines continue to be distributed, we expect travel demand to rebound strongly in the second half of 2021, with Airbnb’s full-year 2021 revPAR returning close to 2019 levels.
At today's prices, resist booking an investment in this advantaged travel operator.
Airbnb’s liquidity profile appears to be strong enough that solvency is a very low risk.
We don't think the market appreciates Caesars' and MGM's leading presence in domestic athletic gambling.
We think the firm offers investors a powerful network advantage, which is the source of narrow moats for peers Booking Holdings and Expedia.
Demand has been hindered but not permanently impaired by COVID-19.
We don’t plan a material change to our fair value estimate.
We see shares as attractive for the narrow-moat firm and don't plan to change our fair value estimate.
Bookings Holdings, Expedia, and TripAdvisor face a competitive threat now that Google gets top billing on its own site.
While the COVID-19 shock is severe in the near term, we think it will be temporary.
With travel between U.S. and Europe a small percentage of global traffic, we are maintaining our fair value estimates for Expedia, Wyndham, and Sabre.
Barring an extended and severe global coronavirus outbreak, we see the shares of Wynn, MGM, and Las Vegas Sands offering attractive long-term value.
We plan to maintain our fair value estimate, leaving shares undervalued.
Shares of the narrow-moat firm look attractive today.
For patient investors, an attractive industry is travel and leisure.
This undervalued company possesses powerful intangible-asset and switching-cost advantages.
Brexit and tariffs weighed on the sector last quarter.
We continue to believe the shares are undervalued.
Sands and Wyndham offer the kinds of dividends that make investors want to stay.
TripAdvisor would be most affected; Booking and Expedia less so.
We continue to expect earnings to accelerate starting next year.
The narrow-moat firm is fairly valued, and we believe investors looking for online travel exposure should look to undervalued Expedia.
It's enhancing long-term growth prospects in an increasingly uncertain macro environment.
A recent pullback in share price presents an opportunity in the gaming industry.
We plan to lower our fair value estimate for the narrow-moat firm.
The regulator is looking at ways to allow retail investment in companies like Airbnb and Uber.
The wide-moat firm’s ongoing portfolio restructuring continues to support its intangible brand advantage.
No fair value change is planned for the narrow-moat firm.
A rare network advantage in a rapidly growing industry is worth a premium valuation.
We're not planning much change to our fair value estimate for the narrow-moat firm.
The recent U.S. Supreme Court ruling that any state may allow betting on sporting events will have limited impact on MGM, Wynn, and Las Vegas Sands.
We expect improving sales and profitability to continue.
The travel IT firm is not fully appreciated by the market today, creating a buying opportunity.
E-commerce market share gains present challenges for some, but trends continue to support healthy profitability for many companies.
We don't see any cracks in the narrow-moat travel firm's competitive position and think the market is too pessimistic about its prospects.
We think fears regarding the company's near-term profitability are exaggerated.
With shares trading at a discount to our fair value estimate, we think this is a good opportunity to own a high-quality name.
We think the narrow-moat firm will generate double-digit sales growth starting in 2019.
We are maintaining our narrow moat rating and $166 fair value estimate.
Serious allegations have been levied against Steve Wynn; for now we maintain our fair value estimate and moat rating on the casino resorts operator.
Shares of the travel technology firm are trading at a discount to our fair value estimate.
Its network and efficient scale advantages are intact, despite exaggerated disintermediation fears.
The narrow-moat company's higher spend is being done for opportunistic reasons, and demand environment seems healthy.
A new user interface and TV campaign are bearing fruit for the narrow-moat firm.
The travel-services firm has a powerful network effect, and recent initiatives will drive growth.