Bumble initiated with an Outperform at Baird

Baird analyst Vikram Kesavabhotla initiated coverage of Bumble with an Outperform rating and $23 price target. The analyst launched coverage of companies across internet and digital services, saying each category has unique positives/risks in the current environment. Overall, the firm sees a "relatively balanced set of opportunities." While the online dating category may not be in its infancy anymore, it still has "sufficient runway" to support company growth.