Bumble price target lowered to $23 from $33 at RBC Capital

RBC Capital analyst Brad Erickson lowered the firm’s price target on Bumble to $23 from $33 but keeps an Outperform rating on the shares. The macro environment, currency headwinds, and product delays drove the company’s weaker outlook, but Bumble’s solid underlying earnings power and cash generation make this an "undervalued franchise", the analyst tells investors in a research note. Erickson adds however that execution must improve over the next few quarters for the stock to work.