Bumble price target lowered to $20 from $24 at KeyBanc

KeyBanc lowered the firm’s price target on Bumble to $20 from $24 to reflect a more modest revenue and margin ramp in 2024, while keeping an Overweight rating on the shares. The firm attributes part of the more modest revenue and margin ramp to macro and part to a reversion toward normal seasonality. With preliminary guidance contemplating no meaningful deceleration from Q4 2023 levels and occurring amid a CEO transition, KeyBanc views Bumble as needing several quarters of consistent execution to bolster sentiment.