Bumble price target lowered to $8 from $11 at KeyBanc

KeyBanc lowered the firm’s price target on Bumble to $8 from $11 and keeps an Overweight rating on the shares. The firm believes Bumble’s combination of top-of-funnel weakness and platform changes could weigh on growth through at least the first half of 2025. However, shares arguably reflect this now with Bumble valued at 4.6-times 2025 EV/EBITDA. While results from online dating stocks may not allay fears of peak penetration and a zero-sum market, KeyBanc thinks Bumble has ample cash flow to work its way through these headwinds.