Match Group (MTCH): Tinder Expected To Continue To Drive Growth - Suntrust
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SunTrust Robinson Humphrey analyst, Bob Peck, reiterated his Buy rating on shares of Match Group (NASDAQ: MTCH) and raised his price target to $20 from $18 ahead of 3Q earnings that are likely to be supported by continuing growth in Tinder.
Points to remember:
1) likely continued growth in paid member counts (PMCs) led by Tinder, PlentyOfFish, and ongoing turnaround at Match
2) y/y improvement in margins for both dating and non-dating to ~34% even with increased costs and shift of expenses from 2Q to 3Q
3) continued improvement of mobile conversion strengthening turnaround story of legacy sites,
4) potentially ongoing FX headwinds impacting 25% of revenues, primarily denominated in Euro and Pound, which the company likely does not hedges.
Shares of Match Group closed at $17.22 yesterday.
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