Bumble price target lowered to $16 from $23 at RBC Capital

RBC Capital lowered the firm’s price target on Bumble to $16 from $23 and keeps an Outperform rating on the shares. The company’s outlook for Q4 revenue is “challenging” as payer net adds slowed again, the analyst tells investors in a research note. The company also provided an initial FY24 outlook that was below the Street and new management is facing a seemingly uphill battle to drive faster product innovation and better execution in hopes of reversing directional new payer trends, the firm added.