(Bloomberg) -- Airbnb Inc. shares rallied to a record high on Wednesday, pushing its market valuation above $100 billion.
The lodging-rental company rose as much as 9.8% to $176.60 in morning trading in New York, bringing its market capitalization to about $105 billion. Airbnb shares have gained 18% in the past two days and more than 150% since the company’s initial public offering on Dec. 10.
Travel-related stocks including TripAdvisor Inc. and Expedia Group Inc. have rallied over the past month on optimism about a rebound in demand later this year as more and more people receive Covid-19 vaccinations. Airbnb’s market cap is now bigger than Booking Holdings Inc. at $89 billion.
DoorDash Inc. which went public a day before Airbnb in December, jumped 9% on Wednesday to a record high.
Airbnb now has 12 buy ratings, 19 holds and 2 sell recommendations with an average share price target of $147, according to data compiled by Bloomberg.
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