Bumble price target lowered to $20 from $30 at Piper Sandler

Piper Sandler analyst Matt Farrell lowered the firm’s price target on Bumble to $20 from $30 and keeps a Neutral rating on the shares. Bumble delivered Q3 revenue below expectations, with Q4 revenue and EBITDA guidance also below expectations, Farrell tells investors in a research note. The preliminary 2023 revenue guidance of mid-to-high teens year-over-year growth missed the Street’s 22% number, says the analyst. He believes "two major issues" are impacting Bumble: design and user related issues for new product launches, specifically Compliments and macro headwinds impacting certain user demos. Farrell continues to prefer other names to play the online dating market right now.