Despite recording year-over-year declines in fourth-quarter and full-year 2020 revenue, Airbnb Inc (NASDAQ: ABNB) is holding the confidence of analysts covering the stock.

Here's what the Street had to say after the travel company's first earnings report as a public company.

Airbnb’s Numbers: Airbnb reported fourth-quarter revenue Thursday of $859 million, a 22% year-over-year drop, but nonetheless a higher figure than the Street estimate of $747.6 million.

The company’s $3.4 billion in full year revenue was down 30% year-over-year, but better than the forecasted 50% drop that the company internally projected at the height of the pandemic.

DA Davidson Says Airbnb Outlook Better After Q1: Tom White, senior research analyst at D.A. Davidson, praised Airbnb for continuing to “show superior resilience relative to other online accommodation platforms and a somewhat more linear recovery trajectory.”

Airbnb activity was more stable in North America than in other parts of the world, the analyst said, adding that the company’s situation looks positive once the first quarter is in the rearview mirror.

“1Q revenue decline is expected to be lower than 4Q’20 as ABNB continues to see gradual improvements in guests’ willingness to book stays,” he said. “Inline with typical seasonality, quarterly revs for ’21 will be the lowest in Q1; EBITDA margin will also be lowest in Q1.”

KeyBanc On Airbnb Benefiting From Pent-Up Travel Demand: Justin Patterson, analyst at KeyBanc Capital Markets, said a pent-up demand for travel will play in Airbnb’s favor, with the current environment favoring rural and longer-term stays.

Patterson predicted the company will add more hosts to its platform if competition in the post-pandemic landscape intensifies.

“While we are encouraged by initial signs of new travel use cases, we believe it is still too early to tell whether this change is small or large in scope,” he said.

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Needham Says Airbnb Best Play On Travel Recovery: "Investors can feel comfortable that ABNB can continue to thrive as more cities open and cross border travel picks up," said Needham analyst Chris Pierce.

He expressed confidence that Airbnb will gain strength as the post-pandemic travel focus begins to emphasize urban destinations instead of rural or work-from-anywhere locations.

“Given company execution through the teeth of the pandemic we don't want to miss what we consider the best way to play a travel recovery,” he said.

RayJay Says Airbnb Bookings Will Accelerate: Aaron Kessler, analyst at Raymond James, echoed the sentiments of other analysts while also crediting “a leadership position and strong brand driving significant organic traffic” in steering the company through unprecedented challenges.

“Stronger top line and expense efficiencies also drove meaningful EBITDA upside,” the analyst said. “While not providing 2021 guidance, we expect a significant acceleration in bookings throughout 2021 as consumers look to travel post-pandemic.”

ABNB Ratings, Price Targets: D.A. Davidson maintained a Buy rating on Airbnb and raised the price target from $172 to $210.

KeyBanc maintained a Sector Weight rating.

Needham maintained a Buy rating and raised the price target from $200 to $225.

Rosenblatt maintained a Market Perform rating.

ABNB Price Action: Airbnb shares were up 16.44% at $211.99 at last check Friday.

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