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Match Group Gets Upgrade to Buy at BTIG

BTIG upgrades shares of dating service giant Match to buy from neutral.
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Match Group  (MTCH) - Get Match Group Inc. Report shares rose Monday after BTIG upgraded shares of the dating service giant to buy from neutral based on valuation.

BTIG analyst Jake Fuller has a price target of $175. Match traded at $146.35, up 1.72%, on Monday. The stock has dropped 5% year to date.

"The year-to-date pullback is our immediate catalyst, but we also see upside to second-half 2021 and 2022-2025 numbers via re-opening tailwinds, new products, the Hyperconnect acquisition and emerging brand/live streaming opportunities," Fuller wrote.

"The pandemic depressed Tinder ARPU [average revenue per user]," but a rebounding economy will help, the analysts added. "While we don't see another Tinder, we do see a $1 billion-plus opportunity across MTCH's emerging brand portfolio and Hyperconnect should add several hundred million more to that."

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Match competitor Bumble  (BMBL) - Get Bumble Inc. Report received accolades from analysts last month after its first quarterly earnings report as a public company. Bumble posted a revenue jump of 31% in the fourth quarter to $165.6 million.

Demand for Bumble services was strong among people trapped at home during the COVID pandemic.

The stock traded Monday at $61.96, up 2.91%. Shares have slid 12% since Bumble went public in February.

Cowen analyst John Blackledge raised his price target on shares of Bumble to $74 from $70 and rates the company outperform.

The rating is “based on Bumble's premium position within the high ARPU segment of freemium online dating, and their opportunity to expand and take share in new markets around the world,” he wrote in a commentary.