Grindr initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Grindr with a Buy rating and $12 price target. The analyst says Grindr has established itself as the leading LGBTQ+ social dating app through strong brand awareness, despite its relatively nascent technology and product offerings. The firm forecasts 13% annual revenue growth though 2029 with 40%-plus EBITDA margins. It believes broadening app functionality and product offerings will drive high single digit user growth and improving monetization.