TD Cowen analyst John Blackledge lowered the firm’s price target on Bumble to $28 from $35 and keeps an Outperform rating on the shares. The firm expects solid 3Q results driven by continued strong Bumble App growth. They lowered their 2024 and long-term Bumble App estimates to reflect slightly lower paying users and lower ARPPU as paying user mix skews to faster growing but lower ARPPU International markets.
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