Bumble Inc. (BMBL) Performs Well Out of the Gate - JPMorgan
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JPMorgan analyst Cory Carpenter reiterated a Neutral rating and $60.00 price target on Bumble Inc. (NASDAQ: BMBL) after the company executed well in its first quarter as a public company, with no surprises to previously flashed 4Q numbers & slight upside to the prior 1Q & 2021 estimates.
The analyst stated "We are tweaking up our 2021 Revenue & EBITDA by ~1%. As highlighted in our initiation on 3/8, we are bullish on the secular growth opportunity within online dating and believe BMBL is well positioned for sustained mid-20% growth. But we believe the risk/reward is balanced at current levels, with BMBL trading at a slight premium to MTCH. Our Dec-21 price target remains $60 & is based on 14x 2022E Revenue of $896M, a 2% discount to MTCH".
Shares of Bumble Inc. closed at $68.60 yesterday.
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