Match Group price target lowered to $32 from $35 at Evercore ISI

Evercore ISI analyst Robert Coolbrith lowered the firm’s price target on Match Group (MTCH) to $32 from $35 and keeps an In Line rating on the shares after the company reported what the firm calls “a modest beat and slight raise Q1” aided by U.S. dollar weakening. However, Tinder monthly active user and payer trends remained negative and management noted some early indications of weakening ALC purchases at Tinder amid macro uncertainty while Match also announced re-org and 13% reduction in force, the analyst noted. While “encouraged” by early moves from new management, the firm would wait for evidence of a rebound in Tinder top of funnel trends before becoming more constructive on shares, the analyst tells investors.