Alexandra Steiger, an analyst from Goldman Sachs, reiterated the Buy rating on Match Group (MTCH – Research Report). The associated price target is $47.00.
Alexandra Steiger has given her Buy rating due to a range of considerations regarding Match Group’s recent performance and future prospects. In her analysis, she acknowledges the mixed results in the Q4’23 earnings report, which showed disappointing sequential Tinder net adds but also highlighted positive year-over-year revenue growth and a better-than-expected adjusted operating income margin. Despite the volatility in new Tinder subscribers and uncertainties in the first half of 2024, Steiger remains optimistic about the company’s direction, especially with the momentum building around Tinder’s product strategy and clearer insights into its 2024 plans.
Steiger’s recommendation is further bolstered by Match Group’s execution against its product roadmap, suggesting confidence in the company’s ability to innovate and grow its user base. The increase in the price target from $46 to $47 reflects an adjustment based on the latest earnings report and the management’s commentary, which seem to have provided a more detailed understanding of the company’s trajectory. The Buy rating, therefore, suggests that Steiger believes Match Group’s stock has a favorable outlook and represents a potentially rewarding investment opportunity.
Steiger covers the Consumer Cyclical sector, focusing on stocks such as Wayfair, Etsy, and Revolve Group. According to TipRanks, Steiger has an average return of -19.9% and a 31.03% success rate on recommended stocks.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $53.00 price target.
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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:
- Match Group Reports Fourth Quarter 2023 Results
- Match Group: Board authorizes new $1B share repurchase program
- Match Group to roll out many AI-driven features in apps over course of 2024
- Match Group sees Q1 revenue $850M-$860M, consensus $871.96M
- Match Group sees FY24 revenue $3.57B-$3.67B, consensus $3.62B
