KeyBanc analyst Justin Patterson last night upgraded Bumble to Overweight from Sector Weight with a $27 price target. Credit and debit card data suggest payer trends remained solid in December, Patterson tells investors in a research note. When coupled with Bumble’s product initiatives, international ramps, and moderating currency headwinds, the analyst is "increasingly confident" that the core Bumble app can sustain 20% annual revenue growth. He believes the shares offer an attractive risk/reward at current levels.
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