Match Group (MTCH) PT Lowered to $33 at RBC Capital

RBC Capital analyst Brad Erickson lowered the price target on Match Group (NASDAQ: MTCH) to $33.00 (from $43.00) while maintaining a Outperform rating.

The analyst comments "MTCH reported another qtr in what has been a string of disappointments owed to ongoing Tinder weakness. The 8x EV/'25E valuation and anemic sentiment are the only things that keep us Outperform rated at this point where we could make an argument that Hinge is now accounting for as much as 60-80% of MTCH's entire market cap. Negatively, Tinder payer growth continues sliding and investors will put low/no probability that management can fix the issue despite an updated pricing and Tinder product roadmap. With that said, the company reiterated it remains on course to return to payer growth in Q3 which makes the setup ex a guaranteed miss/lower again next quarter attractive, in our view. Lowering estimates and price target and giving MTCH another chance to prove the bears wrong that the online dating market is not actually saturated."

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