The firm started Match with an outperform rating and $163 price target on the company.
"We believe online dating is one of the few categories in Internet where there is still significant room left for secular penetration gains," analyst Deepak Mathivanan said. "Furthermore, demand for online dating services should remain elevated post-pandemic, specifically in many countries where return to normalcy is lagging."
The firm is bullish on the growth of the Hinge brand specifically, which the firm says is still in the "early innings." That platform has accumulated $200 million in revenue with 1 million payers.
While the firm is also bullish on Tinder, calling Match's flagship product a "juggernaut" with a growth outlook that "remains healthy." Tinder is expected to achieve compound revenue growth in the near high-teens "comfortably" over the next two to three years.
The company could also see a bump from changes in the App Store fee structure that is expected over the next few years as countries look into Apple and Alphabet over anti-competitive practices.
Wolfe has a bullish outlook on the company, but its revenue and member expectations are basically in line with consensus estimates. Both the firm and consensus estimates expect the company's profit to rise to about $3 billion by 2023 from $2.16 billion in 2021.