J.P. Morgan analyst Cory Carpenter has maintained their bullish stance on MTCH stock, giving a Buy rating yesterday.
Cory Carpenter has given Match Group a Buy rating, influenced by a mix of factors which include the company’s positioning ahead of its fourth-quarter earnings. Despite underperforming against the broader market, the presence of activist pressure alongside low expectations sets a stage where any positive surprise in the earnings could drive the stock upwards. Carpenter believes that Match Group’s stock may have limited downside risk, as poorer results could intensify activist involvement, potentially leading to strategic changes that support the stock’s value.
Furthermore, Carpenter’s optimism is bolstered by the consistent addition of new users to Tinder, suggesting a potential for recovery in the mid-term. He also supports the recent management changes at Tinder, which he believes will contribute to product stability and improved execution. The analysis places faith in the company’s ability to achieve revenue growth and margin expansion in 2024, even in light of current market skepticism regarding the potential for strategic or financial value unlocks by the activist investor, Elliott Management. Carpenter’s rating reflects confidence in Match Group’s long-term strategy and the anticipated stabilization of Tinder’s performance.
According to TipRanks, Carpenter is an analyst with an average return of -18.9% and a 25.74% success rate. Carpenter covers the Communication Services sector, focusing on stocks such as Yelp, Rover Group, and EverQuote.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $54.00 price target.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Match Group (MTCH) Company Description:
Texas-based Match Group is an online dating service company and provides dating products worldwide. The company has a vast portfolio of online dating services including Tinder, Match.com, OkCupid, PlentyOfFish, Meetic, among other brands.
Read More on MTCH:
