Grindr initiated with an Outperform at Raymond James

Raymond James last night initiated coverage of Grindr with an Outperform rating and $14 price target. The analyst says strong engagement from the company’s core audience of gay men extends beyond dating, which insulates it from industry headwinds. Further, Grindr has a “deep competitive moat,” driven by years of built-up brand equity, and is in the early stages of revenue product maturity offering multiple levers for monetization upside.