Match Group (MTCH) PT Raised to $54 at BofA Securities on Elliott stake

BofA Securities analyst Curtis Nagle raised the price target on Match Group (NASDAQ: MTCH) to $54.00 (from $45.00) while maintaining a Buy rating on news of the Elliott stake.

The analyst commented, "In our view, the biggest potential proposed changes could be centered on Tinder. Tinder is the largest global dating app (~40% of DAU’s per Sensor Tower) and represents 58% of MTCH revenue and likely a larger portion of EBITDA given limited brand advertising. Over the past 2yrs paying user and revenue trends slowed from +16/22% YoY in 2022 to -4/+7% in 2023E due to increased competition, challenges with brand perception and for users, the impact of large US price increase."

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