Evercore ISI lowered the firm’s price target on Bumble (BMBL) to $5 from $7 and keeps an In Line rating on the shares after the company issued what the firm describes as “a Beat and Lower” Q3 report. The firm views marketing pullback and user base clean-up initiatives as significantly reducing near and medium-term revenue visibility, adding that it is concerned that marketing cuts could lead to further near-term engagement losses.
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