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NEW YORK (TheStreet) -- Match Group (MTCH) - Get Match Group, Inc. Report was started with an "outperform" rating and a $16 to $18 12-month valuation range at Wells Fargo on Monday morning.

The rating initiation comes as the firm sees demographic trends that support broadening category usage.

Match Group operates the online dating services websites Match.com, Plenty of Fish, Tinder, OKCupid and more.

"Though the rapid adoption of mobile devices/apps for Internet access has led to recent disruption in the user on-boarding process, we view the online dating category as structurally sound and view MTCH as the leading, best-in-class operator of a well-constructed portfolio of assets," Wells Fargo said in a note.

Wells Fargo sees solid secular outlook and believes the former social stigma attached to online dating has been lifted and that the product is well suited for mobile devices.

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Shares of Match Group closed up by 0.46% to $13.11 on Friday afternoon. 

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.