TD Cowen analyst John Blackledge maintained a Buy rating on Grindr today and set a price target of $26.00.
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John Blackledge’s rating is based on the strategic proposal by insiders to take Grindr private at $18 per share, which reflects the company’s last twelve months average share price. Despite a significant decline in stock value over the past six months, the fundamental performance of Grindr remains strong, suggesting a potential for recovery and growth.
Additionally, the involvement of major shareholders and board members in the proposal, along with the potential financing from Fortress Investment Group, indicates a strong backing for the company’s future prospects. However, the proposed takeout price is lower than the peak price and average repurchase price, which might pose challenges for approval. Nonetheless, the strategic moves and financial backing contribute to a positive outlook, supporting the Buy rating.