Bank of America Securities analyst Curtis Nagle reiterated a Buy rating on Match Group (MTCH – Research Report) yesterday and set a price target of $54.00.
Curtis Nagle’s Buy rating for Match Group’s stock is based on a confluence of factors indicating potential for growth and value realization. Despite a mixed performance in the fourth quarter and first quarter, Nagle anticipates a second-half inflection point, particularly with Match Group’s flagship brand Tinder, where user trends are expected to reaccelerate. Furthermore, the company’s share buyback activity, which reduced share count and highlighted confidence in intrinsic value, underpins this positive outlook.
Moreover, Nagle sees significant investment in product innovation and marketing, particularly for Tinder and Hinge, as well as the integration of new AI-driven capabilities as catalysts for future growth. The anticipated introduction of new à la carte offerings in the second half of 2024 is also expected to contribute to monetization efforts. Despite lowering first-quarter estimates due to increased spending and muted payer growth, the overall revenue and EBITDA estimates for 2024 remain largely unchanged, supporting the belief that Match Group is trading at an attractive valuation relative to its growth prospects.
Nagle covers the Consumer Cyclical sector, focusing on stocks such as Chewy, Peloton Interactive, and Beyond Inc. According to TipRanks, Nagle has an average return of 0.8% and a 51.91% success rate on recommended stocks.
In another report released today, Goldman Sachs also reiterated a Buy rating on the stock with a $47.00 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
