Bumble downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Bumble (BMBL) to Underweight from Neutral with an unchanged price target of $5. The shares have traded up 50% since President Trump’s “Liberation Day” and are not 10% above the price target The firm struggles to justify raising the price target given its expectation for Bumble’s revenue and payer declines to accelerate, regardless of the macro environment. The company’s intra-quarter U.S. download trends took another step down and there is downside risk to consensus estimates, adds JPMorgan.