Bumble price target lowered to $12 from $14 at BofA

BofA analyst Curtis Nagle lowered the firm’s price target on Bumble to $12 from $14 and keeps a Buy rating on the shares. The firm is lowering its Q2 revenue and EBITDA estimates to reflect softer Bumble brand DAU trends and a fall-off in download activity post Q1 that it sees in Sensor Tower data, noting that it now estimates Q2 revenue and EBITDA of $272.6M and $72.5M, respectively. The firm is also lowering its FY24-26 estimates ahead of the company’s Q2 report due on August 7 as it says trends appear to have weakened into July. However, while somewhat more cautious on growth, BofA believes weaker trends are expected by investors with shares down 26% since Q1 earnings in early May.