Bumble price target raised to $7 from $4.80 at Citi

Citi analyst Ygal Arounian raised the firm’s price target on Bumble (BMBL) to $7 from $4.80 and keeps a Neutral rating on the shares. The company announced a 30% workforce reduction with expected annualized cost savings of $40M, though a “substantial majority” will be reinvested, as Q2 revenue guidance was raised 3% and EBITDA 11%, the analyst tells investors in a research note. Citi views the move positively, but cautions there’s still work left on Bumble’s turnaround, which is in early stages, and reinvigorating growth “is the more critical (and difficult) component.”