Match Group (MTCH, Neutral, $34 target) Downgrade to Neutral on lower Tinder monetization visibility
We are lowering our rating on MTCH to Neutral from Buy following last week’s Investor Day. Our model now reflects management’s detailed guidance, resulting in lower estimates, and we also lower our target valuation, leading to new target of $34 vs $48 previously.Match Group is a provider of dating products available in over 40 languages to its users all over the world through applications and websites it owns and operates. The company operates a portfolio of brands, including Tinder, Match, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs and Hinge, as well as a number other brands. Through its portfolio of brands, the company provides tailored products to meet the varying preferences of its users. All the company's products enable users to establish a profile and review other users' profiles without charge. Each product also provides additional features, some of which are free, and some of which require payment depending on the particular product.
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