Bumble price target lowered to $7 from $8 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Bumble (BMBL) to $7 from $8 and keeps an Equal Weight rating on the shares. The firm notes Q4 results in line with mid-January update, but Q1 guide reflects continued pressure from product reset. Management transition, uncertain roadmap suggests turnaround remains early innings, Wells adds.