Citi lowers Match Group target, opens ‘negative catalyst watch’

Citi lowered the firm’s price target on Match Group to $33 from $34 and keeps a Neutral rating on the shares. The analyst also added a “30-day negative catalyst watch” on the shares. SensorTower app trends have remained challenging in Q2 for Match, and Citi has not yet seen a positive growth inflection post the April 30 app relaunch, the analyst tells investors in a research note. The firm says a still challenging macro environment, uncertain top of funnel, and a product roadmap whose impact might not be fully felt in the second half of 2024 leaves it cautious regarding the magnitude of Match’s growth acceleration in the back half of the year.