Bumble price target lowered to $15 from $19 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Bumble to $15 from $19 and keeps an Overweight rating on the shares. Accelerating top of funnel and conversion weakness, especially in U.S., combined with new CEO decision to reconsider Bumble feature set leads to reset, the firm says. Shares were already embedding a negative outlook, in Wells’ view, but execution risk rises considerably.