Airbnb (ABNB) and Snowflake (SNOW) have earned upgrades from Seeking Alpha analysts based on strategic pivots and successful operational initiatives, with Airbnb’s Project Y driving meaningful top-line acceleration. On the downgrade side, Enbridge (ENB) and Microsoft (MSFT) have been moved to Hold as analysts cite “priced to perfection” valuations and concerns over the return on massive capital expenditure programs.
Upgrades
- Airbnb (ABNB): Upgrade Hold to Buy by Dilantha De Silva. The analyst points to the success of Project Y initiatives in driving top-line acceleration and a surprising 6% year-over-year increase in Average Daily Rates, which dispels fears of oversupply.
“Project Y, Airbnb’s strategic initiative to accelerate growth through operational efficiencies and product innovation, contributed to the acceleration of growth in Q4. … Moving forward, as the Project Y model is implemented across its key global markets, I believe Airbnb is likely to see a major improvement in margins and also a meaningful revenue boost.”
- Snowflake (SNOW): Upgrade to Bullish by Uttam Dey. Snowflake is upgraded as valuation multiples compress to attractive levels and its backlog growth accelerates to 38%, signaling strong momentum for its “AI data cloud” platform.
“Snowflake’s Ramaswamy had done well to steer the company in the new age of AI, navigating the company towards a product roadmap that complemented AI’s aggressive data consumption pace. … I believe this is the time to begin buying shares because the markets are acting irrationally with Snowflake, compressing the company’s valuation multiples as a result and making shares look appealing again.”
Downgrades
- Enbridge (ENB): Downgrade Buy to Hold by KM Capital. Despite solid Q4 results, the analyst believes the stock is currently priced to perfection and faces long-term profitability risks due to a rapidly expanding $39 billion CapEx backlog.
“The fact that the CapEx budget is growing much more aggressively than the FY2026 adjusted EBITDA projected growth means elevated profitability compression risks for investors over the long term. … I believe that ENB is currently priced to perfection, which means that buying it despite robust Q4 earnings and positive FY2026 guidance is not a great deal.”
- Microsoft Corporation (MSFT): Downgrade to Hold by Rafa F. Oliver, CFA. The analyst adopts a cautious stance, highlighting that Microsoft has yet to prove a definitive advantage in AI leadership while facing intense competition and disappointing Copilot penetration at just 3.3% of total paid seats.
“We must analyze the Productivity and Business Processes too, where revenue growth is 15.9%, and margins are expanding from 57.4% to 60.4% due to incremental revenue growth due to Copilot. So, my perspective is that you have to see the benefits in the whole company and not only in the segment associated with CAPEX investments because the Microsoft model is integrated around AI.”