Bumble price target lowered to $18 from $20 at KeyBanc

KeyBanc analyst Justin Patterson lowered the firm’s price target on Bumble to $18 from $20 and keeps an Overweight rating on the shares. Bumble’s Q4 results will likely elevate near-term concern over secular decline given the softness concentrated in core markets, the firm says. While KeyBanc acknowledges concerns on normalized growth, it also believes Bumble’s taking appropriate actions to improve profitability, which causes it to raise its 2024/2025E EBITDA by 6%/1%.