Morgan Stanley assumed coverage of Bumble with an Equal Weight rating and price target of $13, down from $16. The firm says online dating user growth is slowing with a lack of innovation, rather than saturation, driving the decline. Improving user experience could be the “key unlock,” but Morgan Stanley waits on the sidelines for a user inflection, the analyst contends. The firm is watching for evidence that product improvements are reaccelerating user growth.
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