Bumble price target lowered to $16 from $17 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Bumble to $16 from $17 and keeps an Equal Weight rating on the shares. Industry headwinds and idiosyncratic challenges have led Bumble to reduce its workforce by about 30% and plan a brand relaunch in Q2 in an attempt to reaccelerate user and revenue momentum, notes the analyst, who believes the stock will be rangebound until Bumble can reaccelerate topline growth and “dispute industry saturation concerns.”