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BUZZ-Airbnb, DoorDash calm before research initiation storm

Thu 31st December, 2020 5:13pm
** Home rental firm Airbnb  ABNB.O  off 2.2% to $145.10, and
food delivery app DoorDash  DASH.N  ticks down 0.1% to $140.01
ahead of a potential tsunami of analyst initiations as the IPO
research quiet period draws to a close
    ** Banks that worked on both firms' IPOs have been required
by industry practice to refrain from initiating coverage until
Mon, Jan 4
    ** Morgan Stanley, Goldman, BofA and others led 37-firm
underwriting group for ABNB's ~$3.5 bln early Dec offering. (See
filing https://www.sec.gov/Archives/edgar/data/1559720/000119312520315318/d81668d424b4.htm)
    ** And Goldman and JP Morgan led syndicate of 12 firms on
DASH's ~$3.4 bln deal. (See filing https://www.sec.gov/Archives/edgar/data/1792789/000119312520313884/d752207d424b4.htm)
    ** ABNB's stock currently up ~115% from its IPO price, while
DASH's shares are ~38% above their issue price
    ** Meanwhile, analysts at brokerages not involved in these
IPOs have downgraded on valuation, pointing to the stocks' pops
 urn:newsml:reuters.com:*:nL4N2IU2WQ  urn:newsml:reuters.com:*:nL1N2IU16L
    ** Avg rating among 4 brokerages currently covering ABNB is
'hold' with $119 median PT; for DASH, avg rating also 'hold'
with $167.50 median PT (Refinitiv data)
    ** In addition, the research quiet period for high-flyer
C3.ai Inc  AI.N  also due to expire. Despite ~5% fall on Thurs,
artificial intelligence software firm's shares are up ~230% from
their $42 IPO price  urn:newsml:reuters.com:*:nL1N2IQ1WX. (See filing https://www.sec.gov/Archives/edgar/data/1577526/000162828020017290/c3ai424.htm)
    ** This as Wall Street investors reaped huge IPO returns in
2020  urn:newsml:reuters.com:*:nL1N2IR00T

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
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