Cory Carpenter, an analyst from J.P. Morgan, maintained the Hold rating on Match Group (MTCH – Research Report). The associated price target was lowered to $28.00.
Cory Carpenter has given his Hold rating due to a combination of factors influencing Match Group’s current and future performance. The company’s recent quarterly results were slightly above guidance, but persistent declines in Tinder’s monthly active users and payers have raised concerns. While there is optimism about the changes under the new CEO, product-driven turnarounds are expected to take time, and the macroeconomic environment poses additional challenges.
Carpenter notes that although there are some positive trends in Tinder’s usage and new features, the overall outlook remains cautious with more downside risks than upside potential for estimate revisions. The company’s valuation is considered undemanding, which limits downside risk, but the muted growth expectations for the online dating industry and uncertainty around Tinder’s turnaround timing contribute to the Hold rating. The price target has been slightly adjusted downward to reflect these considerations.
In another report released yesterday, Bank of America Securities also reiterated a Hold rating on the stock with a $32.00 price target.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is neutral on the stock.