Bumble Inc. (BMBL) Outperforms Tinder, PT Raised to $82 at Jefferies
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Jefferies analyst Brent Thill raised the price target on Bumble Inc. (NASDAQ: BMBL) to $82.00 (from $80.00) while maintaining a Buy rating after the company reported Q4 results that were mostly in-line. Normally this could put shares in the penalty box but the analyst believes the company gained outsized market share in dating, seeding the market for the future.
The analyst stated "We would highlight that Bumble App rev grew 47% in Q4 (vs. +37% and 23% in Q3 and Q2, respectively), significantly outperforming Tinder whose rev growth slowed to +13% in Q4 (from +15% in Q3). Bumble App's strong performance came mostly from the iOS rollout of 2-tier subscriptions (Bumble Boost = ~$8/mo and Bumble Premium = ~$22/mo), which supported 4% q/q ARPPU growth. Badoo rev grew just 13%, but we were highly encouraged by the 25% y/y payer growth (vs. 20%, 13%, and -1% in Q3, Q2, and Q1). We believe investors will be impressed with BMBL's rare balance of rev growth (+19% in FY20) and profitability (+26% EBITDA margin), especially given the opportunity for further improvement in FY21."
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