JPMorgan positive on Match, cautious on Bumble into Q3 reports

JPMorgan remains positive on Match Group (MTCH) and cautious on Bumble (BMBL) heading into the Q3 earnings reports. The firm reduced Match’s Tinder revenue estimates in Q2 on slower a-la-carte rollout, but says the company’s total revenue and Tinder payer trends remain intact. It believes Tinder is on track to deliver 250,000 net additions in Q3 due to monthly active user stability, and says payers should not be impacted by Tinder a-la-carte features taking longer than initially expected. For Bumble, JPMorgan’s second half of 2024 numbers are largely unchanged beyond currency moves, but it cut its above-consensus 2025 estimates. It keeps an Overweight rating on Match with a $45 price target and Neutral rating on Bumble with a $7 target.