Truist lowered the firm’s price target on Match Group (MTCH) to $35 from $37 and keeps a Hold rating on the shares. The firm stays on the sidelines awaiting better visibility into the turnaround at Tinder, which now may take until the second half of 2025 at the earliest to materialize. Q3 results were mixed driven by higher RPP and offset by lower payers’ count, while the Q4 guide reflects further contraction at Tinder offset by sustained momentum at Hinge, a trend that’s likely to persist into FY25. The stock is not expensive, but Truist believes the shares are likely to remain range-bound.
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Read More on MTCH:
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- Match Group Reports Modest Q3 2024 Revenue Growth
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