Bumble price target raised to $5.50 from $5.25 at BofA

BofA raised the firm’s price target on Bumble (BMBL) to $5.50 from $5.25 and keeps an Underperform rating on the shares. Recent events suggest the potential for lower app fees in the U.S. including the Apple (AAPL)-DOJ case and in late April, a ruling in the Apple-Epic case that will allow app developers to steer consumers away from the Apple App store and towards alternate, off app payment options, and BofA notes that Bumble is currently testing testing off-app payments, the analyst tells investors in a research note. The firm says Bumble could see the largest benefit from lower U.S. fees, though sees relatively limited earnings upside potential to Bumble if app fees were to decrease in the EU.