Match Group price target lowered to $55 from $60 at JPMorgan

JPMorgan analyst Cory Carpenter lowered the firm’s price target on Match Group to $55 from $60 and keeps an Overweight rating on the shares. The shares traded up post the Q4 report more due to positioning than fundamentals as investor takes on the print “skewed almost universally negative,” the analyst tells investors in a research note. The firm continues to like Match shares and believes there is “considerable upside potential” should management deliver on its 2024 outlook, with additional levers in activism and app store changes against a backdrop of negative investor sentiment and “undemanding valuation.”