Match Group (MTCH) PT Lowered to $40 at Goldman Sachs

Goldman Sachs analyst Alexandra Steiger lowered the price target on Match Group (NASDAQ: MTCH) to $40.00 (from $45.00) while maintaining a Buy rating.

The analyst comments "In its Q3’24 earnings report, Match Group produced a weaker set of results with Tinder facing several headwinds including pressure on user acquisition, the delay of ALC initiatives and lower RPP during the quarter. While mgmt remains focused on driving ecosystem improvements for the app and improving experiences for key user demographics, we remain focused on any signs of stabilization/improvement for the Tinder app, along with commentary on the cadence of feature rollouts heading into 2025. Beyond Tinder, the company continued to highlight positive operational performance at Hinge and revenue stabilization for Evergreen brands. The company shifted away from reporting revenue by geography toward four segments: Tinder, Hinge, MG Asia and E&E. With the company hosting its Investor Day in December 2024, we look for the company to provide additional details on future platform/product innovation, compounded revenue growth potential, mgmt views on the balance between growth investments and margin trajectory, along with any updates on long-term capital allocation priorities. We maintain our Buy rating, adjust our forward operating estimates for this earnings report and mgmt’s forward commentary and lower our 12-month PT from $45 to $40."

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