Oppenheimer Remains Bullish on Match Group (MTCH) as NA Revenue Drives EBITDA Beat

Oppenheimer maintained an Outperform rating and $17.00 price target on Match Group (NASDAQ: MTCH) following the company's 1Q earnings report. North American dating drove an EBITDA beat as revenue came in 2% above the Street's expectations. Full-Year EBITDA guidance of $410M-$425M is 1%/2% above current Opco/Street estimates. The company also introduced Tinder Ending PMCs, in the investor presentation, with 4Q subs of 1.023M, +27 q/q from 804k in 4Q.

Analyst Jason Helfstein commented, "After the close, MTCH announced much better than expected 1Q EBITDA on margins, while maintaining back-ended weighted FY EBITDA guidance. While paid subs were lower than expected, pricing (ARPPU) was better than expected on ala carte features. MTCH also disclosed ending Tinder subs, which was better than our model. Investors will question weaker 1Q paid member count, but mgmt. will likely suggest greater marketing efficiency, which drove margins. Conference call is 8:30AM ET."

For an analyst ratings summary and ratings history on Match Group click here. For more ratings news on Match Group click here.

Shares of Match Group closed at $11.16 yesterday.

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