BofA analyst Curtis Nagle lowered the firm’s price target on Bumble (BMBL) to $15.50 from $17 and keeps a Neutral rating on the shares after the company announced that founder Whitney Wolfe-Herd will step down as CEO and be succeeded by Lidiane Jones, who is currently CEO of Salesforce (CRM) owned Slack. While Wolfe-Herd will transition to the role of executive Chair effective January 2, the leadership change “comes at a tough time for industry,” says the analyst, who remains cautious in near term and notes that the firm’s Q3 and Q4 estimates are below the Street view. The firm believes a lower multiple is warranted on increased near-term risk to growth.
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