As previously reported, BofA upgraded Bumble to Buy from Neutral with an unchanged price target of $14. Bumble exceeded Street revenue estimates in Q1 for the first time in two quarters and consensus revenue estimates for FY24 are 80 basis points below the midpoint of guidance, the analyst tells investors. The firm is more confident now that Bumble can meet or exceed Street expectations, which it believes will drive multiple expansion, the analyst added.
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