Match Group (MTCH) PT Lowered to $53 at Barclays

Barclays analyst Ross Sandler lowered the price target on Match Group (NASDAQ: MTCH) to $53.00 (from $55.00) while maintaining a Overweight rating.

The analyst comments "The Key Take-Away: MTCH reported revenue and EBITDA that were broadly in-line with consensus but guided below for 4Q. The long awaited net-add recovery at Tinder appears to be short-lived, with both users and payers dropping off worse than expected in 4Q and likely into 2025. There is clearly secular pressure that some bears have awaited, but could also be a resetting of the bar (getting the bad news out of the way) ahead of a more holistic/positive outlook in December. A lot of the headwinds that MTCH is pointing to like ALC cannibalization and iOS traffic issues seem temporary and resolvable, but the secular question remains front and center after any reset. For now we reduce estimates, but we await the update in a few weeks."

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