UPDATE: Morgan Stanley Resumes Match Group (MTCH) at Overweight, Sees 20% or More in Upside
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Morgan Stanley analyst Lauren Schenk resumes coverage on Match Group (NASDAQ: MTCH) with a Overweight rating and a price target of $180.00.
The analyst comments "Both our medium and longterm theses are unchanged from our last published views. We see pentup demand for social interaction driving accelerating '21 subscriber growth, with Tinder's monthly active users or MAUs recovering since a slower 4Q and singles posting their vaccine status on their dating profiles. We continue to view MTCH's '21 guidance as potentially more conservative than normal given: 1) it does not assume a full return to normalcy in the back half of the year,nor any pentup demand,2) the low end of the range bakes in a potential headwind from the Google app store fee change in 4Q, which may or may not materialize,and 3) only includes a slight benefit from Tinder Platinum which could become a more meaningful ARPU driver in a recovery scenario. Over the long-term, we continue to view online dating,and MTCH specifically,as one of the most undermonetized user base stories in Internet, coupled with early innings of product adoption."
Shares of Match Group closed at $150.25 yesterday.
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