Match Group, the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst John Blackledge from TD Cowen maintained a Buy rating on the stock and has a $40.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
John Blackledge has given his Buy rating due to a combination of factors that highlight Match Group’s strategic initiatives and growth potential. The company is in the early stages of a turnaround, particularly with its flagship app, Tinder, which is showing promising signs of product innovation and user engagement. The introduction of new features like Double Date and the upcoming interactive matching feature are expected to enhance user experience and engagement, especially among younger demographics.
Additionally, Match Group’s management plans to reinvest $50 million into product development and marketing efforts, which is anticipated to drive long-term growth. The focus on improving user interface and experience, along with advancements in trust and safety measures, positions the company well for future growth. These strategic efforts, coupled with the expected revenue growth from Hinge, contribute to the positive outlook and justify the Buy rating.
In another report released on August 11, Robert W. Baird also maintained a Buy rating on the stock with a $45.00 price target.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MTCH in relation to earlier this year.