Piper reiterates Overweight rating on Match Group despite ‘bumpier’ turnaround

Piper Sandler analyst Matt Farrell said Match Group executed well in the December quarter but noted that its Q1 revenue guidance came in below expectations. Despite macro trends weighing on certain segments of the business in the near-term, Match reiterated its 2023 revenue and profitability guidance, Piper noted. Though "the turnaround appears to be a little bumpier than we had hoped," the still believes it remains on-track and it reiterates an Overweight rating and $60 price target on Match shares.