UPDATE: RBC Capital Starts Bumble Inc. (BMBL) at Outperform

RBC Capital analyst Brad Erickson initiates coverage on Bumble Inc. (NASDAQ: BMBL) with a Outperform rating and a price target of $65.00.

The analyst comments "We initiate coverage of BMBL at Outperform and set a $65 PT based on 14x EV/'22E revenue. We believe BMBL is the quality over quantity play in online dating, where our three part thesis is: 1) an expanding TAM driven by online producing increasingly durable outcomes vs. offline, 2) female-first driving differentiated monetization and profitability tailwinds and 3) pricing power in the category is just scratching the surface, which portends longer-term margin upside. Net-adds are the primary risk relative to MTCH but we think both can be long-term secular winners, albeit with different strategies around quantity vs. quality."

For an analyst ratings summary and ratings history on Bumble Inc. click here. For more ratings news on Bumble Inc. click here.

Shares of Bumble Inc. closed at $50.29 yesterday.

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