BTIG upgraded shares to buy from neutral, citing improving outlook for Tinder after a slump in 2022.
Match Group shares are set to pop as Tinder recovers, according to BTIG. "Tinder hit a wall last year," with growth slowing into 2023, analyst Jake Fuller said. But he noted that net add outlook is now improving, with accelerating growth and upward-moving estimates. Fuller upgraded Match Group to buy from neutral. "MTCH pointed to execution issues and lack of product innovation, which led to a revamping of the Tinder team. Efforts so far have largely been focused on monetization .
Management's current-quarter guidance also came above analyst estimates. The analyst noted that Tinder is showing an improving trend in its daily new users numbers and reactivation trend. "We bring estimates up with a view that Tinder is through the worst, issues were execution-related not category saturation and that the new team looks to be on the right track," said Fuller.
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