Grindr price target raised to $27 from $24 at Citizens JMP

Citizens JMP raised the firm’s price target on Grindr (GRND) to $27 from $24 and keeps an Outperform rating on the shares after assuming coverage of the name. Grindr is uniquely positioned to monetize its significant gay social network and has a global opportunity as the importance of travel turns local network effects into global ones, while Grindr has significant room left to localize its product to increase engagement, the analyst tells investors in a research note. The firm believes Grindr has significant room to compound growth, while its 40%+ margin profile is sustainable.