Bumble price target lowered to $17 from $22 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Bumble to $17 from $22 and keeps an Equal Weight rating on the shares following a “worse than feared” Q3 report. The Bumble brand appears to be decelerating even faster than the firm had anticipated, with initial FY24 revenue guidance for low- to mid-teens growth meaning that a “new, lower-growth algorithm may now be in place,” the analyst tells investors.