Airbnb is a "force to be reckoned with," but the service's threat to Online Travel Agencies is already reflected in the "depressed multiples" of Expedia (EXPE) and Priceline (PCLN), Piper Jaffray analyst Michael Olson tells investors in a research note. If Airbnb hits its reported 2020 revenue target of $10B, the implications for the global hotel market amount to less than 100 basis points of annual bookings growth headwinds, Olson contends. The analyst believes Airbnb is not well positioned in to become a hotel OTA for several reasons. He does not see downside to estimates or multiples due to Airbnb and keeps Overweight ratings on Expedia, Priceline and TripAdvisor (TRIP).