Bumble price target lowered to $16 from $18 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bumble to $16 from $18 and keeps a Neutral rating on the shares. Despite estimates remaining flat moving throughout the year, Bumble is down about 30% year-to-date, the firm notes. Admittedly, execution has been relatively okay this year despite all the broader uncertainty. From Piper’s perspective, the lack of a near-term, company specific catalyst; the broader Tinder overhang on the industry; and concerns around 2024 growth expectations continue to weigh on the stock.