Match Group downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Nathan Feather downgraded Match Group to Equal Weight from Overweight with a price target of $37, down from $53. The company “increasingly appears to be a show-me story,” the analyst tells investors in a research note. The firm says online dating user growth is slowing with a lack of innovation, rather than saturation, driving the decline. Improving user experience could be the “key unlock,” but Morgan Stanley waits on the sidelines for a user inflection, the analyst contends. The firm is watching for evidence that product improvements are reaccelerating user growth.