Bumble price target raised to $16.50 from $15.50 at BofA

BofA analyst Curtis Nagle raised the firm’s price target on Bumble to $16.50 from $15.50 and keeps a Neutral rating on the shares after the company announced a repurchase agreement with PE sponsor Blackstone (BX) to buyback 7.2M in shares for $100M and accelerating Bumble’s buyback program. After giving effect to the transaction disclosed in the Form 8-K filing, Blackstone should bring its total ownership down 2.1 points to 32.3%, the analyst noted. Given that remaining $143M authorization disclosed in the filing also implies an additional $36M in open market purchases, the firm estimates Bumble repurchased 9.7M shares in Q4-to-date, representing 5% of diluted shares.