Bumble price target lowered to $23 from $26 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Bumble to $23 from $26 and keeps a Buy rating on the shares ahead of the Q3 report. The earnings releases from Match and Bumble will likely be a continuation of recent quarters’ trends with mixed third party data pointing to inline user growth trends for Tinder, Bumble and Hinge, but with likely limited incremental color from management on future payer growth cadence, the analyst tells investors in a research note. The firm expects preliminary 2024 revenue and adjusted EBITDA guidance by both companies to act as a potential catalyst, saying Street expectations have been revised lower in recent months.