Match Group price target lowered to $31 from $32 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Match Group (MTCH) to $31 from $32 and keeps an Equal Weight rating on the shares. Online dating seen as cyclically resilient, but potential for industry growth struggles to be augmented by consumer spending softness, the firm says. Wells also highlights moderate Tinder net payers on weaker traffic in March and reduce ALC revenues, the most cyclically exposed revenue stream.