Match Group (MTCH) PT Lowered to $44 at KeyBanc

KeyBanc analyst Justin Patterson lowered the price target on Match Group (NASDAQ: MTCH) to $44.00 (from $46.00) while maintaining a Overweight rating.

The analyst commented, "Our estimates on Bumble and Match do not change dramatically post-earnings, as we were already below consensus on Match due to FX and viewed Bumble's 2H as reasonable against a product relaunch. Incrementally, we believe Bumble's revenue outlook appears reasonable (HSD%) and there is still room for margins to improve, which makes a valuation of 6.1x 2025E EV/EBITDA compelling; we reiterate our Overweight rating and $16 PT (9x 2025E EV/EBITDA). For Match, while we were are encouraged by efforts to improve platform health and enhanced disclosures, we suspect shares remain pressured until investor confidence around 3Q payers improves; we reiterate our Overweight rating but lower our PT to $44 (11x 2025E EV/EBITDA)."

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