Match Group downgraded to Neutral from Buy at BTIG

BTIG downgraded Match Group (MTCH) to Neutral from Buy without a price target The firm cut estimates to align with Match’s investor day outlook and sees “no real line of sight” on a Tinder turnaround. The online singles population is large and dating app penetration is low “so there is opportunity here,” but Tinder product initiatives “sound more like directional positives than the sort of unlock needed to really drive category penetration,” the analyst tells investors in a research note. As such, the firm views Match’s multiple as full with revenue declining and visibility on a Tinder turnaround “very low.”