Match Group downgraded at Evercore on lower conviction in recovery path

Evercore ISI downgraded Match Group (MTCH) to In Line from Outperform with an unchanged price target of $35. Shares were down nearly 8% today in response to “weak” Q1 guidance and an “abrupt” CEO transition as well as a “modest” FY25 guide-down, the analyst tells investors. Despite “some bright spots,” including the appointment of Spencer Rascoff as CEO, the firm exits Q4 EPS with “lower conviction in the ’25 recovery path and long-term targets,” the analyst tells investors.