Wolfe Research analyst Zach Morrissey downgraded Match Group to Peer Perform from Outperform with a fair value range of $31-$68 but no price target as the analyst assumed coverage of the stock. The firm said the rating change is based on three key reasons: it believes the secular growth drivers in online dating are slowing down; the company’s product strategy is sound in concept but execution still remains a question; and growth areas are relatively small to help drive sustainied top-line acceleration.
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