RBC Capital raised the firm’s price target on Bumble (BMBL) to $7 from $5 and keeps an Outperform rating on the shares. The company pre-announced Q2 with slight revenue upside and a 30% reduction-in-force, though with cost savings are expected to be largely re-invested, the analyst tells investors in a research note. Most positively is that if the revenue upside can be viewed as any type of stabilization in the Bumble brand and progress on new products, some further multiple expansion could ensue, RBC added.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BMBL:
- Bumble’s Uncertain Outlook: Sell Rating Amid Cost-Cutting and Industry Challenges
- Unusually active option classes on open June 25th
- Morning Movers: General Mills dips following fourth quarter report
- Bumble Announces Major Workforce Reduction for Realignment
- Bumble raises Q2 revenue view to $244M-$249 from $235M-$243M