Match Group price target lowered to $60 from $75 at KeyBanc

KeyBanc lowered the firm’s price target on Match Group to $60 from $75 to reflect lower AOI forecast and a more conservative EV/AOI multiple, while keeping an Overweight rating on the shares. KeyBanc sees potential for a better than feared print as Match’s 2023 outlook contemplated Tinder being driven more by monetization optimizations than net adds, which is how the year is progressing thus far.