Match Group turnaround bumpier than hoped, says Piper Sandler

Piper Sandler analyst Matt Farrell states that while Match Group’s Q4 revenue was in line with consensus, investors appear to have been looking for more after the strong 30% move in the stock to start the year. The company’s turnaround appears to be a bit bumpier than hoped, but its multi-quarter business transformation remains largely on-track, particularly given the macro backdrop, the analyst tells investors in a research note. Piper Sandler maintains its Overweight rating and $60 price target on on Match Group shares. The stock is down about 10% afterhours following Q4 results and guidance.