It's time to step to the sidelines on shares of Airbnb as the Covid-19 pandemic recovery bump fades, according to KeyBanc Capital Markets. Analyst Justin Patterson downgraded shares to sector weight from overweight, saying he expects a near-term peak in margins and slowing revenue growth that will hurt the vacation rental company. ABNB 1D mountain Airbnb "Our call is that leisure travel has experienced a material recovery from 2021-2023E, resulting in outsized margin expansion, " Patterson wrote in a Monday note. "As these tailwinds fade, we see elevated risk to [room nights and experiences] and [average daily rate] growth." Airbnb has outperformed this year as a resilient consumer shelled out money for travel and experiences. Shares are higher this year nearly 60%, while the S & P 500 gained roughly 12% during the same period. But Patterson expects a normalizing travel market will be an overhang on the stock.